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Morgan Stanley Lowers Everest Re To Neutral

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.

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