JPMorgan upgraded Reinsurance Group (RGA) to Overweight from Neutral with a price target of $237, up from $232. The upgrade reflects a positive outlook for business trends, more reasonable earnings expectations following the Equitable Holdings (EQH) deal, the company’s “defensive risk-profile,” a more attractive valuation following the stock’s underperformance, the analyst tells investors in a research note. The firm shifted its view on life insurance stocks from Positive to Neutral, saying risk/rewards “have become less compelling given an incrementally downbeat outlook for business fundamentals.”
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Read More on RGA:
- Reinsurance Group price target lowered to $224 from $233 at Morgan Stanley
- Reinsurance Group Announces Board Member Departure
- Reinsurance Group Expands Partnership with Equitable Holdings
- Reinsurance Group announces reinsurance transaction with Equitable Holdings
- Reinsurance Group price target raised to $263 from $244 at Wells Fargo
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