Berenberg announced on Tuesday morning that it had raised its target price for Coface from 16.8 to 17.2 euros, while renewing its buy recommendation on the stock.

"We believe that Coface is now the best of the big three credit insurers, which is why the stock deserves to be traded at a premium in terms of valuation", explains the German bank.

According to Berenberg, the company stands out on a whole range of performance indicators compared with its main rivals Atradius and Allianz Trade, particularly with regard to the combined ratio.

'This is what leads us to think that Coface is in a class of its own', it concludes in a note.

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