Insurance Australia Group (ASX: IAG) Target Cut A$4.60

Underperform: The street may not be appreciating the legal side. As the insurer could be on the hook for substantive, disputed COVID business interruption claims. Target cut to A$4.60 into COVID-19 Delta variant headlines and a seeming transition into a potentially broader market rout as the 2020 Tokyo Olympics begin. Last: A$4.85

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