UPDATE: Citi Downgrades Everest Re Group (RE) to Neutral
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Citi analyst Suneet Kamath downgraded Everest Re Group (NYSE: RE) from Buy to Neutral with a price target of $270.00 (from $287.00).
The analyst comments "Our 12/7/20 upgrade of RE to Buy was based on our view that; 1) investors should have some exposure to the reinsurance pricing environment, and 2) the fact the RE was trading at a discount to most of the other large publicly-traded reinsurers. Given its YTD run, RE has closed much of this valuation gap. We also feel the near-term outlook may be somewhat challenged by: 1) a more moderate pricing environment as third-party capital returns to the market; and 2) headline risk associated with a global minimum tax."
Shares of Everest Re Group closed at $245.53 yesterday.
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