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Thursday, September 03, 2009
Swiss Life Cut To Equal-weight At Morgan Stanley
Barbara Kollmeyer
MarketWatch Pulse
MADRID -- Insurer Swiss Life was cut to equal-weight from overweight on Thursday by Morgan Stanley, which said upside potential on the stock is limited, and it recommends taking profits. It gave these reasons for the downgrade: Swiss Life is more expensive than other life sector stocks; it's uncertain how quickly and how much of the latest cost savings plan will reach the bottom line; and first-half earnings were below forecasts, suggesting a slower margin recovery than previously expected. Morgan Stanley cut its EPS estimate by 17% for 2009 and 18% for 2010, and said it would take another look at the stock ahead of the Dec. 15 investor day, which could give further clarity on the earnings outlook.
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