2258 GMT [Dow Jones]--One of the best starts to a hurricane season in North America prompts Macquarie to upgrade QBE Insurance to outperform, from neutral. Macquarie is also upbeat about the prospect of another share buyback when QBE updates on trading update in November. "QBE is currently trading at a 4.0% discount to weighted international peers on a 2-year forward PE," Macquarie says. That compares with a 3.7% three-year average premium. Macquarie raises its price target on QBE by 12% to A$26.20/share. QBE ended Thursday at A$22.85.