Credit Suisse has upgraded QBE to Outperform from Neutral. The insurer's share price has risen a net 30% year to date, including a more recent 15% pullback. The pullback however, reflects deteriorating macroeconomic factors, and the broker believes that the insurance environment remains favourable with margins set to improve. With the stock now trading 20% below the broker's $17.25 target (last close $14.75), an upgrade to Outperform follows. If QBE meets the Credit Suisse target, it will return approximately 17%. Based on the last close, the stock's estimated price-to-earnings ratio is 14.46.