RenaissanceRe upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded RenaissanceRe (RNR) to Overweight from Equal Weight with a price target of $275, up from $235. The firm sees temporary headwinds currently pressuring the stock, but with shares down about 8% year-to-date, and underperforming the broader property and casualty space, the firm believes the stock is now undervalued. RenRe should be able to weather the headwinds into 2026 and the firm believes valuation will normalize higher, with a favorable risk/reward skew, the analyst tells investors.