Deutsche Bank Downgrades RenaissanceRe Holdings to Hold (RNR)

Deutsche Bank is out with its report today on RenaissanceRe Holdings (NYSE: RNR), downgrading RNR from Buy to Hold.

In a note to clients, Deutsche Bank writes, "We are downgrading shares of RenaissanceRe to a Hold rating. Coincidentally, a year to the day following our 2010 upgrade of RenRe, we are downgrading the stock, essentially due to a lack of near-term catalysts to propel them name further and the fact that the stock, now at an all-time high, has little room for appreciation over the near-term."

Deutsche Bank raises its PT on RNR from $65 to $70.

Shares of RNR closed Tuesday at $69.76.