Large quantity of analyst research
The substantial loss events of 2011 prompted an exceptionally large number of research reports. In the 2011 financial year more than 350 analyst recommendations were published for Hannover Re and the insurance industry, an increase of 50%. Based on the figures for the first nine months of 2011, 35 analysts handed down their opinion: sixteen analysts recommended the Hannover Re share as “buy” or “overweight”; altogether eighteen opinions were a “hold”, making this the most common, while only one “underweight” or “sell” recommendation was issued. The analysts’ average price target climbed steadily in the course of the year from EUR 41.43 at the start of the year to EUR 43.56 by year-end. Parallel to this trend, the average analysts’ opinion also moved higher.