UPDATE: Morgan Stanley Reiterates on Third Point Reinsurance on Strong February Investment Returns

In a report published Thursday, Morgan Stanley analyst Kai Pan reiterated an Equal-Weight rating on Third Point Reinsurance TPRE, but removed the $18.00 price target. In the report, Morgan Stanley noted, “February investment return was much stronger than we expected, after a decline of -1.8% in January. TPRE achieved +2.3% YTD returns, outpacing +1.0% for S&P 500. Long/Short Equity strategy contributed to ~80% of February returns while Credit and Macro strategies also contributed.” Third Point Reinsurance closed on Wednesday at $15.72.