Nomura Securities Upgrades RenaissanceRe Holdings (RNR) to Neutral

Nomura Securities upgraded RenaissanceRe Holdings (NYSE: RNR) from Reduce to Neutral with a price target of $120.00 (from $100.00).

Analyst Clifford Gallan commented, "After a field trip to Bermuda, we are upgrading the shares of RNR to Neutral. While the reinsurance outlook remains challenging, we believe that RNR’s ROE has bottomed, relative valuation has improved, and M&A may play a role in the company’s future."

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 $113.59 yesterday.

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