Reinsurance Group upgraded to Outperform from In Line at Evercore ISI

Evercore ISI analyst Thomas Gallagher upgraded Reinsurance Group to Outperform from In Line with a price target of $167, up from $148. Recent checks on mortality data in the U.S. and COVID statistics globally suggest mortality trends remain pretty favorable in Q4, Gallagher tells investors in a research note. The analyst believes recent results and outlooks from Reinsurance’s major life reinsurance competitors are constructive, and his 2023 and initial 2024 earnings estimates are above consensus. He also sees Reinsurance Group as a relative winner from the new LDTI accounting standards coming in 2023.