Morgan Stanley lowered its investment rating on Everest Re (RE), saying it believes the stock has discounted most of its 2002 projected earnings growth.
The company posted a $0.80 third quarter loss per share from operations despite a 14% revenue rise citing September 11-related losses. Analyst Vinay Saqi said he believes the stock is close to reaching his $80 target.
He says the company's loss per share exceeded his $0.44 loss estimate. He cut his $3.10 2001 earnings per share estimate to $2.75 earnings per share. He maintains his $5.55 2002 earnings per share estimate.