Reinsurance Group downgraded to Neutral from Buy at UBS

UBS analyst Michael Ward downgraded Reinsurance Group (RGA) to Neutral from Buy with a price target of $216, down from $250, after assuming coverage of the name. The firm sees a “growth shift-related overhang persisting” on the shares over the near-term. Reinsurance needs $1.5B of annual deployment to reach 8%-10% earnings growth, which is doable, but introduces execution risk, the analyst tells investors in a research note. UBS believes this already reflected in consensus estimates as well.