J.P. Morgan analyst Jimmy Bhullar maintains $RenaissanceRe Holdings (RNR.US)$ with a hold rating, and adjusts the target price from $267 to $274.
According to TipRanks data, the analyst has a success rate of 57.5% and a total average return of 6.8% over the past year.
Furthermore, according to the comprehensive report, the opinions of $RenaissanceRe Holdings (RNR.US)$'s main analysts recently are as follows:
Following a quarter marked by significant global catastrophe events, it is anticipated that third-quarter catastrophe losses will be manageable for property and casualty insurers. Models for the forthcoming quarter include provisional losses attributed to Hurricane Milton, although there is still uncertainty following its recent landfall. Adjustments in the sector reflect the impact of events during the quarter as well as changes in P/E multiples.
The fundamental outlook for the property and casualty sector is positive looking into the third-quarter reports. However, optimistic expectations, bullish sentiment, and valuations moderate the perspective on stocks. Key advantages include continued strong pricing and the sector's defensive risk profile. Yet, the expectations for margins at underwriters and sales growth at brokers are seen as optimistic.
Property & Casualty insurance stocks performed well in the third quarter due to a milder natural catastrophe season and market positions, reaching new highs. However, recent hurricanes have shifted dynamics, yet 'decent' third-quarter reports are still anticipated across underwriters.
Note:
TipRanks, an independent third party, provides analysis data from financial analysts and calculates the Average Returns and Success Rates of the analysts' recommendations. The information presented is not an investment recommendation and is intended for informational purposes only.
Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.
