RenaissanceRe initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Bob Huang initiated coverage of RenaissanceRe with an Equal Weight rating and $222 price target. The firm notes that its price target implies a P/E multiple that is higher than RenaissanceRe’s historical averages, but also notes that this is largely inline with peers. Despite this valuation premium, the firm believes the opportunity for RenaissanceRe justifies this premium, the analyst added.