On Oct 10, major Wall Street analysts update their ratings for $RenaissanceRe Holdings (RNR.US)$, with price targets ranging from $229 to $391.
J.P. Morgan analyst Jimmy Bhullar maintains with a hold rating, and adjusts the target price from $267 to $274.
BofA Securities analyst Joshua Shanker maintains with a buy rating, and sets the target price at $391.
UBS analyst Brian Meredith maintains with a hold rating, and adjusts the target price from $248 to $281.
Wells Fargo analyst Elyse Greenspan maintains with a buy rating, and adjusts the target price from $280 to $314.
Jefferies analyst Yaron Kinar maintains with a buy rating, and adjusts the target price from $270 to $314.
Furthermore, according to the comprehensive report, the opinions of $RenaissanceRe Holdings (RNR.US)$'s main analysts recently are as follows:
Q3 was noted to be a busy period for global catastrophe events, but the anticipated Q3 catastrophe losses are expected to be 'manageable' for property and casualty insurers. 'Placeholder' losses for Hurricane Milton have been incorporated into the models for Q4, taking into account the recent landfall and the associated uncertainties. Adjustments in the group's targets are a reflection of the quarter's events and various changes in P/E multiples.
The fundamental outlook for the property and casualty sector remains positive going into the third-quarter reports. Although there's a general optimism, high valuations and bullish sentiment somewhat moderate the perspective on stocks. The sector is benefiting from strong pricing and a defensive risk profile, which are significant advantages. However, there are ambitious expectations for underwriters' margins and brokers' sales growth.
Property & Casualty insurance stocks performed well in Q3 due to a lighter natural catastrophe season and market positioning, which propelled stocks to new highs. Although the emergence of Hurricane Helene followed by Hurricane Milton has shifted the landscape, decent financial performance for the third quarter of 2024 is still anticipated across underwriters.
Q3 outcomes, especially for reinsurers, might be influenced by the recent Hurricane Milton. The analyst retains a positive stance on the Personal sector, citing improving margins and growth in the number of policies. For Q3, catastrophe losses are anticipated to be below the five-year seasonal average, yet still higher than the same quarter the previous year, which could imply a potential downside for primary insurers, as explained in a preview for the P&C Insurance/Insurtech sector.
Here are the latest investment ratings and price targets for $RenaissanceRe Holdings (RNR.US)$ from 6 analysts:
Note:
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