BofA Securities analyst Joshua Shanker maintains $RenaissanceRe Holdings (RNR.US)$ with a buy rating, and sets the target price at $391.
According to TipRanks data, the analyst has a success rate of 64.4% and a total average return of 11.3% over the past year.
Furthermore, according to the comprehensive report, the opinions of $RenaissanceRe Holdings (RNR.US)$'s main analysts recently are as follows:
The expectation is that third-quarter catastrophe losses will be manageable for property and casualty insurers, despite it being an active period for global catastrophe events. Models for the fourth quarter include provisional losses in anticipation of the impact from Hurricane Milton, although the actual extent of damage remains uncertain given the recent landfall of the storm. General adjustments in the sector are reflective of occurrences throughout the quarter, as well as alterations to various price-to-earnings multiples.
The outlook for the property and casualty sector continues to be positive as we head into the third-quarter reports. However, the current optimistic expectations, bullish sentiment, and valuations moderate the perspective on stocks within the sector. The continued strong pricing and defensive risk profile of the group are seen as significant advantages. Nonetheless, there is a belief that the anticipated margins for underwriters and sales growth for brokers may be on the optimistic side.
Property & Casualty insurance stocks performed well in the third quarter, attributable to a milder natural catastrophe season and strategic positioning, which led stocks to reach new highs. Despite the market dynamic shifts caused by Hurricane Helene and Hurricane Milton, decent third-quarter financial reports are anticipated across the underwriters.
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