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UPDATE: JP Morgan Upgrades Everest Re Group to Overweight on Improved Earnings Visibility

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JP Morgan raised its rating on Everest Re Group (NYSE: RE) from Neutral to Overweight with a $125 price target.

JP Morgan noted, "We believe legacy issues surrounding the company's underwriting and reserves are largely in the past. The company's mix shift towards short-tail reinsurance should help protect ROE as well as improve earnings visibility (despite a potential increase in volatility with mix). In addition, the re-underwriting of RE's insurance business, combined with the addition of crop, is also complete, which helps the outlook. The insurance operation should help replace diversification lost from reduced casualty writings, especially given returns are either higher or improving in accident & heath, CA workers' comp, crop, and international."

Everest Re Group closed at $108.36 on Wednesday.

Latest Ratings for RE

DateFirmActionFromTo
Apr 2015Keefe Bruyette & WoodsMaintains
Feb 2015Deutsche BankUpgradesHoldBuy
Jan 2015BarclaysMaintainsOverweight

View More Analyst Ratings for RE
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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