As previously reported, Evercore ISI upgraded RenaissanceRe (RNR) to In Line from Underperform with a price target of $244, up from $237. While the firm is “not positive on the reinsurance sector” and notes that its estimates are “well below consensus on EPS,” it still estimates “decent” mid teen ROEs and argues that the current valuation reflects softening property reinsurance rates.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RNR:
- RenaissanceRe upgraded to In Line from Underperform at Evercore ISI
- RenaissanceRe initiated with a Peer Perform at Wolfe Research
- C3 AI downgraded, Capri upgraded: Wall Street’s top analyst calls
- RenaissanceRe initiated with a Buy at Citi
- Cantor rolls out P&C insurance coverage, sees ‘market in transition’