Wells Fargo Upgrades RenaissanceRe Holdings (RNR) to Outperform; Transitional Market to Evolve and Improve in 2012

January 6, 2012 7:21 AM EST
Get Alerts RNR Hot Sheet
Price: $138.00 --0%

Rating Summary:
    2 Buy, 14 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Wells Fargo upgraded RenaissanceRe Holdings (NYSE: RNR) from Market Perform to Outperform with a price target range of $82-$86 (from $$72-76).

Wells analyst says, "Due to its strong market presence RNR is positioned to be a primarily beneficiary of the improving catastrophe reinsurance and retrocessional rates...Top-line growth could also benefit from expansion of its specialty reinsurance book and at Lloyd’s."

"We have introduced a 2013 EPS estimate for RNR of $8.40. We are also lowering our Q4 and 2011 EPS estimates to reflect the potential for losses from the Thailand flood and additions to its losses for other events in 2011. RNR has said that the company has exposure to the Thailand floods in its retro book. RNR does not write any cover for indigenous local Thai businesses. Our Q4 and 2011 EPS estimates are now $1.65 and ($2.83), down from $2.10 and ($2.40), respectively. Our 2012 EPS estimate remains $7.70."

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 $72.97 yesterday.

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