Market Overview

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

Related RE
Alleghany Beats Q2 Earnings on Strong Underwriting Results
Everest Re Q2 Earnings Miss Estimates, Top Line Strengthens

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
Oct 2014Keefe Bruyette & WoodsMaintainsMarket Perform
Jul 2014Deutsche BankMaintainsHold
Jun 2014BarclaysMaintainsOverweight

View More Analyst Ratings for RE
View the Latest Analyst Ratings

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

 

Related Articles (RE)

Around the Web, We're Loving...

Get Benzinga's Newsletters