Berenberg on Thursday renewed its buy recommendation on Coface, as well as its price target of 17.2 euros for the stock.

In a research note, the financial intermediary points out that the credit insurance specialist managed to do better than expected in the first quarter despite a difficult economic environment.

This divergence is the best evidence of the transformation of the business model that has been orchestrated over the last ten years", the analyst points out.

"Coface is today a much more viable company and much less sensitive to market developments than investors may think", concludes Berenberg.

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