Goldman Sachs Starts Everest Re Group (RE) at Buy, Sees 23% Upside

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January 26, 2012 7:16 AM EST
Get Alerts RE Hot Sheet
Price: $351.28 --0%

Rating Summary:
    11 Buy, 4 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 12 | Down: 21 | New: 20
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Goldman Sachs initiates coverage on Everest Re Group (NYSE: RE) with a Buy rating and $105 price target, suggesting 23% upside.

Overall on the sector, Goldman said conditions in the Property-Catastrophe (P-CAT) market are currently improving and they expect that to continue, especially in the US.

Goldman said Everest Re is an opportunistic global writer that could generate nearly an 11% ROE in 2012 and is trading at a 25% discount to book value.

For an analyst ratings summary and ratings history on Everest Re Group click here. For more ratings news on Everest Re Group click here.

Shares of Everest Re Group closed at $85.46 yesterday.

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