UPDATE: Morgan Stanley Downgrades The Travelers Companies Equal-Weight
Morgan Stanley downgrades Everest Re Group (NYSE: TRV) to Equal-weight on lower excess capital than peers.
Morgan Stanley notes, "Broadening YoY improvement in pricing power proves soft market has ended and should trend higher in 2012+; however, a hard market remains elusive."
TRV closed at $58.42 a share yesterday.
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