UPDATE: Citi Downgrades Everest Re Group (RE) to Neutral

June 18, 2021 6:03 AM EDT
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Price: $242.79 +0.03%

Rating Summary:
    7 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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(Updated - June 18, 2021 6:58 AM EDT)

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."

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 $245.53 yesterday.

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