RenaissanceRe price target lowered to $267 from $271 at Wells Fargo

Wells Fargo lowered the firm’s price target on RenaissanceRe (RNR) to $267 from $271 and keeps an Overweight rating on the shares. The firm notes the shares traded down on the messy quarter, plus guide down on other property and casualty/specialty combined ratios. The company had a favorable view on mid-years which could be a catalyst for shares depending on how they shake out, Wells adds.