As previously reported, Evercore ISI upgraded RenaissanceRe (RNR) to In Line from Underperform with a price target of $244, up from $237. While the firm is “not positive on the reinsurance sector” and notes that its estimates are “well below consensus on EPS,” it still estimates “decent” mid teen ROEs and argues that the current valuation reflects softening property reinsurance rates.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RNR:
- RenaissanceRe upgraded to In Line from Underperform at Evercore ISI
- RenaissanceRe initiated with a Peer Perform at Wolfe Research
- C3 AI downgraded, Capri upgraded: Wall Street’s top analyst calls
- RenaissanceRe initiated with a Buy at Citi
- Cantor rolls out P&C insurance coverage, sees ‘market in transition’