RenaissanceRe price target lowered to $426 from $437 at BofA

BofA analyst Joshua Shanker lowered the firm’s price target on RenaissanceRe (RNR) to $426 from $437 and keeps a Buy rating on the shares. RenaissanceRe will have claims for events of the past two months – the American Airlines plane crash and a large refinery fire – and the firm slowed its forecast for first half share repurchase activity following the LA wildfires as near-term cash flow goes to pay claims rather than being returned to shareholders. However, the firm expects healthy share repurchases to resume as the year continues, notes the analyst, whose price target cut reflects a slightly lower 2026 EPS forecast.