RenaissanceRe price target raised to $285 from $278 at Wells Fargo

Wells Fargo raised the firm’s price target on RenaissanceRe (RNR) to $285 from $278 and keeps an Equal Weight rating on the shares. The firm notes shares traded up on the earnings beat / book value growth and also coming on top of shares trading down with EG the day before. RenaissanceRe’s market outlook jived with expectations, with cat rates expected to be down about 10% at 1/1 with no significant change in T&Cs.