BofA analyst Joshua Shanker lowered the firm’s price target on RenaissanceRe to $266 from $275 and keeps a Buy rating on the shares. Despite the “perception” of having performed well over the past year, that impression relies heavily on the Q4 breakout and the stock is actually down 3% year-to-date, the analyst noted. However, risk exposures are likely down while pricing is materially up, adds the firm, which expects that RenaissanceRe is still capable of a 20% ROE even if Bermuda implements an income tax in 2025.
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