Wells Fargo Downgrades RenaissanceRe Holdings (RNR) to Market Perform
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Price: $221.20 +2.22%
Rating Summary:
8 Buy, 10 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 16
Rating Summary:
8 Buy, 10 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 16
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Wells Fargo downgraded RenaissanceRe Holdings (NYSE: RNR) from Outperform to Market Perform and cut its valuaiton range from $86-$90 to $84-$88.
The firm comments, "RenaissanceRe remains a leader in the worldwide catastrophe reinsurance market. While catastrophe rates have stabilized and seen some upward movement following Superstorm Sandy, the rate increases have mostly been for loss-impacted accounts. As a result we do not expect much change in the
company's original premium guidance, which is for managed catastrophe premiums to be flat in 2013. However, if there is a large industry loss that leads to a significant improvement in the cat market, RNR would be a main beneficiary."
For an analyst ratings summary and ratings history on RenaissanceRe Holdings click here. For more ratings news on RenaissanceRe Holdings click here.
Shares of RenaissanceRe Holdings closed at $80.91 yesterday.
The firm comments, "RenaissanceRe remains a leader in the worldwide catastrophe reinsurance market. While catastrophe rates have stabilized and seen some upward movement following Superstorm Sandy, the rate increases have mostly been for loss-impacted accounts. As a result we do not expect much change in the
company's original premium guidance, which is for managed catastrophe premiums to be flat in 2013. However, if there is a large industry loss that leads to a significant improvement in the cat market, RNR would be a main beneficiary."
For an analyst ratings summary and ratings history on RenaissanceRe Holdings click here. For more ratings news on RenaissanceRe Holdings click here.
Shares of RenaissanceRe Holdings closed at $80.91 yesterday.
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