UPDATE: Deutsche Bank Raises Target on RenaissanceRe Holdings to $65

Deutsche Bank raises its price target on RenaissanceRe Holdings (NYSE: RNR) to $65 from $63 while reiterating its Sell rating on the company on valuation relating to earnings power.

Deutsche Bank notes, "We believe investors--as they become more risk-tolerant in a bullish market--will begin to focus on valuation of RenRe as a function of earnings power rather than top line growth. We believe RenRe--a best in class property-cat underwriter--is poised to achieve 10-15% ROE with an annual standard deviation of 15-20%. We believe that the stock looks expensive, considering this return profile."

RNR closed at $73.34 a share on Friday.