UPDATE: Morgan Stanley Downgrades Reinsurance Group of America to Equal-Weight on Limited Upside

Morgan Stanley downgraded Reinsurance Group of America RGA from Overweight to Equal-weight and removed the price target of $62.00. Morgan Stanley noted, "Our Overweight rating reflected our view that RGA offered safe haven–like characteristics and reasonable growth at a relatively low multiple. Yet results have disappointed in the past year. After poor 3Q results, we felt this was overly discounted in the stock price, but now that RGA has rebounded, we see only 10% upside to our fair value of $62 (unchanged)." Reinsurance Group of America closed at $56.55 on Wednesday.