Everest Group downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Everest Group (EG) to Equal Weight from Overweight with a price target of $340, down from $425. After the management change and reserve charges, the firm believes the investment thesis going forward will revolve around Everest ‘s ability to “steady the balance sheet” in the foreseeable future, navigate the “soft reinsurance market, and eventually pivot to growth.” This will take some time, the analyst tells investors in a research note.