Deutsche Bank Upgrades RenaissanceRe Holdings (RNR) to Hold

Deutsche Bank upgraded RenaissanceRe Holdings (NYSE: RNR) from Sell to Hold.

Deutsche analyst said, "Year to date, shares of RenRe have seen their price-to-book multiple, which had enjoyed a 40%+ premium to the Bermuda peer group at the beginning of the year, converge downward. Now, its valuation stands at about a 20% premium. While we believe the long-term prospects of the property-catastrophe industry are suffering from too much capital and alternative competition, we note that shares of RenRe currently trade in line with year-ahead book value, and we no longer view valuation as expensive."

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 $71.86 yesterday.

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