Reinsurance Group downgraded to Underperform at Raymond James

Raymond James downgraded Reinsurance Group (RGA) to Underperform from Market Perform without a price target The firm cites “rising risk factors” and the stock’s relative valuation for the downgrade. Reinsurance will need to cut expenses and reposition assets quickly to achieve excess earnings on the Equitable block, the analyst tells investors in a research note. Raymond James thinks attempting to achieve excess earnings on the Equitable life block through asset repositioning could force Reinsurance to take more asset risk.