RenaissanceRe downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Elyse Greenspan downgraded RenaissanceRe (RNR) to Equal Weight from Overweight with a price target of $269, up from $267. The firm cites a slowing property catastrophe reinsurance market for the downgrade. The company’s Q2 “could be good” but then it is enters peak of storm season, the analyst tells investors in a research note. Wells adds that property catastrophe rates declined in the double-digit range during the mid-year renewals.