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    Wednesday, November 18, 2009

    Allianz Cut To Equal Weight At Morgan Stanley

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    By Barbara Kollmeyer
    MarketWatch Pulse
       

      MADRID -- German insurer Allianz was downgraded to equal weight from overweight on Wednesday at Morgan Stanley, which said it sees more earnings upside in rival Zurich Financial -- rated overweight. "Our earnings are now broadly in line with consensus and we see little scope for Allianz to re-rate versus peers as it lags in pricing leadership and operational efficiency," said Morgan Stanley. Zurich has been leading the drive to increase rates this year, the investment bank noted, a pace that is slower at Allianz. The German insurer also faces challenges in credit and Italy and longer-term challenges in Germany and France, said the investment bank.

      Copyright © 2009 MarketWatch, Inc.

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