Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

Salomon Cuts RenaissanceRe to 'Neutral'

Salomon Smith Barney downgraded RenaissanceRe Holdings (RNR) to neutral from buy.

Analyst Marco Pinzon says he's downgrading solely on valuation. He notes RenaissanceRe shares have risen 20% since he reviewed second-quarter results on July 23, and now trade in line with his $38 target. Pinzon continues to rank RennaissanceRe as the premier reinsurer in the sector based on strong management and a strong track record, but he thinks this view is now fully reflected in the stock.

Pinzon maintains his $38 target, based on a stated book value multiple of 2.1, or 1.9 times his 2002 book value per share estimate. He also is keeping a positive view of market conditions in the reinsurance and insurance sectors.

blog comments powered by Disqus