RenaissanceRe downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded RenaissanceRe (RNR) to Equal Weight from Overweight with an unchanged price target of $310. The firm cites valuation for the downgrade with the shares up 32% over the last 12 months. RenaissanceRe’s valuation now reflects much of the upside from here, the analyst tells investors in a research note. Morgan Stanley adds that the company faces continued pricing pressure and casualty sector volatility, making a neutral stance more appropriate.