JP Morgan raised its rating on Everest Re Group 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in