Everest Re initiated with an Overweight at Morgan Stanley

Morgan Stanley initiated coverage of Everest Re with an Overweight rating and $429 price target. While the current reinsurance market is unlikely to dissipate in the near-term, Everest Re is well-positioned to benefit from the trend and successfully grow premiums and expand underwriting margins, the analyst tells investors in a research note. The combination of improved underwriting and pricing power is only starting to be reflected in results, the firm contends.