Evercore ISI initiated coverage of Everest Group with an In Line rating and $431 price target. The analyst has a cautious view of P&C Reinsurance given peak ROEs and likely moderating property cat rates at mid-year that results in them being “great to good” stories. When looking through a long-term lens, it is clear that current high ROEs are not sustainable, says the analyst, who believes “the battle for the stocks will be if book value growth thru ’25 can offset P/BV multiple contraction.”
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