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STOCKS NEWS EUROPE-Allianz up on Credit Suisse upgrade

Reuters - UK Focus

Shares in Allianz rise 2.2 percent, one of the biggest gainers in Germany's benchmark index, after Credit Suisse (NYSE: CS - news) raises its rating on Europe's biggest insurer to "outperform" from "neutral", traders say.

"Post its underperformance in 2013 relative to the sector we see the Allianz valuation as having fallen back relative to other major European composites. The stock is now the cheapest of the four large-cap European names particularly if adjusted for balance sheet strength," Credit Suisse analysts write.

Shares in Allianz have gained 24 percent during 2013, compared with a 29 percent rise in the pan-European STOXX Europe 600 Insurance index.

Reuters messaging rm://christoph.steitz.thomsonreuters.com@reuters.net