RNR Price Prediction Next Week
Analysis and Insights
To predict the stock price of RenaissanceRe (RNR) for the next trading week, we analyze both news and technical indicators.
News Analysis:
- Share Sale Announcement: RenaissanceRe has filed to sell 1.32 million common shares for its holders. This could lead to short-term downward pressure on the stock price due to increased supply.
- Debt Offering: The company's joint venture, DaVinciRe, plans to sell $300 million in senior notes due 2035. Proceeds will be used for general corporate purposes and debt repayment, which may improve the company's financial stability.
- New Fund Launch: RenaissanceRe launched a $340 million property catastrophe bond fund, diversifying its capital sources and generating fee income. This is a positive development for long-term growth.
Technical Analysis:
- Current Price: 241.32
- RSI (6-period): 72.06 (overbought zone, suggesting potential pullback)
- MACD: -0.15 (bearish signal)
- Fibonacci Levels: Resistance at 246.44, support at 228.11
Price Prediction:
Given the overbought RSI and bearish MACD, along with the resistance level at 246.44, RNR is likely to face selling pressure. The stock is expected to decline towards the support level of 228.11.
Recommendation:
Sell RNR as the technical indicators suggest a bearish trend, and the share sale may add downward pressure.
RNR Similar Chart Price Prediction
The price of RNR is predicted to go up -4.13%, based on the high correlation periods with LPSN. The similarity of these two price pattern on the periods is 96.56%.
RNR
LPSN
Down: -4.13%Similarity: 96.56%
RNR Revenue Forecast
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RNR Analyst's Forecast
Elyse Greenspan
Wells Fargo
Buy
2025-01-14
Price Target
$301 → $288
Upside
+14.68%
Wells Fargo analyst Elyse Greenspan lowered the firm's price target on RenaissanceRe to $288 from $301 and keeps an Overweight rating on the shares. Discussing the insurance industry, Wells notes that for non-life insurance, the focus remains on cats, pricing, loss trend, reserves and margins. Domestically Q4 cats are above normal due to Milton, with international losses from Spanish floods. For Life insurance, the focus is on sales growth, rate commentary, Group results, and guides. Sales growth should continue to get attention, while group results are trending well, and life companies continue to return capital. Meanwhile, Brokers should continue to see good organic growth, the firm adds.
Meyer Shields
Keefe, Bruyette & Woods
Buy
2025-01-10
Price Target
$310 → $318
Upside
+27.17%
Alex Scott
Barclays
Hold → Sell
2025-01-06
Price Target
$234
Downside
-5.88%
