RenaissanceRe price target raised to $237 from $204 at JPMorgan

JPMorgan raised the firm’s price target on RenaissanceRe to $237 from $204 and keeps a Neutral rating on the shares. The firm’s outlook for business trends in the property and casualty sector is upbeat, but it feels bullish sentiment and relatively full valuation levels will limit upside in the stocks heading into the Q1 reports. Disciplined pricing and the group’s defensive risk profile are key positives, but expectations for margins and growth “seem optimistic and valuations are not attractive,” the analyst tells investors in a research note.