UBS reiterates its 'buy' recommendation on Scor despite a price target lowered from 35.1 to 33.7 euros, representing an estimated upside potential of 12% for the stock, following the French reinsurer's release of its first-quarter results on Friday.

The broker remains positive 'despite emerging new mortality concerns in the US, with the build-up of a reserve cushion in the P&C business being overlooked'. It also points to a P/E ratio of 6.3x for Scor, compared with 9-12x for its peers.

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