UPDATE: Deutsche Bank Downgrades RenaissanceRe Holdings Ltd. to Sell, Lowers PT as Premium Valuation Could Be at Risk

In a report published Monday, Deutsche Bank analyst Joshua Shanker downgraded the rating on

from Hold to Sell, and lowered the price target from $100.00 to $96.00. In the report, Deutsche Bank noted, “Reinsurance pricing has been decidedly poor for two mid-year renewal cycles as well as one Jan. 1 renewal. We believe the contributors to this weak pricing cycle are more likely permanent than transitory. We believe RenRe's premium valuation could be at risk should future results disappoint and are reducing our rating to Sell.” RenaissanceRe Holdings Ltd. closed on Friday at $101.73.