UPDATE: Morgan Stanley Reiterates on RenaissanceRe Following 1Q14 Results

In a report published Thursday, Morgan Stanley analyst Kai Pan reiterated an Overweight rating on

, and raised the price target from $108.00 to $112.00. In the report, Morgan Stanley noted, “RNR is a leading property cat underwriter that has delivered a 20%+ average ROE since its inception in 1992. RNR possesses the highest ratings in reinsurance, has an estimated $900m in excess capital (26% of equity), and is a pioneer in 3rd party capital management in reinsurance. We see upside of 11% to our price target of $112 (1.25x 1Q15e Book) plus a ~1.2% dividend yield.” RenaissanceRe closed on Wednesday at $101.21.