Wells Fargo analyst Elyse Greenspan maintained a Buy rating on Renaissancere Holdings (RNR – Research Report) yesterday and set a price target of $267.00.
Elyse Greenspan’s rating is based on several factors that suggest potential upside for Renaissancere Holdings. Despite a challenging quarter, the company is viewed favorably for its mid-year prospects, which could act as a catalyst for share price improvement. The stock is currently trading at a relatively low valuation, with a price-to-earnings ratio of 6.6x based on 2026 EPS estimates and 1.2x the current book value, indicating it is undervalued at present levels.
Additionally, the company is expected to benefit from ongoing share buybacks and potential opportunities during mid-year renewals, particularly in favorable trading conditions for reinsurers. The mid-year market is more balanced in terms of supply and demand, especially in Florida, where increased demand is anticipated due to changes in the Florida Hurricane Catastrophe Fund. Despite some downward revisions in earnings estimates and price targets, the overall outlook remains positive, supporting the Buy rating.
In another report released today, Morgan Stanley also upgraded the stock to a Buy with a $275.00 price target.