RenaissanceRe Holdings, Ltd. (RNR)
by Zacks Equity ResearchJuly 13, 2012 | Comments : 0 Recommended this article: (0)
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While premiums and investment income exhibited growth, expenses also declined substantially, thereby boosting the bottom line. Moreover, improved financial leverage, cash balance and ROCE boosted the financial position. Additionally, enhanced operating leverage due to strategic divestitures along with efficient capital deployment are the other positives.
Our six-month target price of $91.00 per share equates to about 9.8x our earnings estimate for 2012. Combined with the $1.08 per share annual dividend, this target price implies an expected total return of 20.8% over that period. This is consistent with our Outperform recommendation.
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