Deutsche Bank Downgrades RenaissanceRe Holdings To Sell

According to Deutsche Bank, RenaissanceRe Holdings RNR shares are downgraded to Sell. Deutsche Bank reported that a recent run-up in the stock price combined with what it expect to be a meaningful contraction in shareholders' equity following the catastrophe loss events of 1Q11 has caused the company's stock to expand to a price-to-book multiple of 1.25x. “We expect that valuation to correct as investors get less enthusiastic about a hard market pricing environment for reinsurance. Sell.” RenaissanceRe Holdings closed yesterday at $71.40.