Play the referendum and the break above MA200: Buy.IMPROVING FUNDAMENTALS?
The consensus is lukewarm: Mild BUY with 10% target upside
But the yield (up) and market (up) environments have been improving
The Italian referendum is unlikely to impact materially this global insurer
Valuation remains compelling at <80% of book value
IMPROVING TECHNICALS
Clear support line formed since the summer - Current level 11.50
Yesterday attempted to break main resistance by closing > 12.20
Yesterday also closed above MA200 at 12.00 - Another positive sign
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