Analysts Are Upgrading These 5 Stocks

In this article, we discuss the 5 stocks receiving upgrades from analysts. If you want to see more such stocks on the list, go directly to Analysts Are Upgrading These 10 Stocks. 

05. Everest Re Group, Ltd. (NYSE:RE)

Number of Hedge Fund Holders: 41

Everest Re Group, Ltd. (NYSE:RE) is a Bermuda-based insurance and reinsurance company. The company operates in over 100 countries across the globe, including the US. Everest Re Group, Ltd. (NYSE:RE)’s health insurance segment includes medical stop loss, short-term medical, pro sports disability, managed care, and group personal accident.

On July 7, Everest Re received a notable upgrade from Raymond James analyst C. Gregory Peters. The upgrade raised the stock’s rating from Outperform to Strong Buy. Additionally, Peters set a price target of $450, representing an increase from the previous target of $420. This upgrade by Raymond James suggests a strong belief in Everest Re’s potential, indicating an optimistic outlook for the stock’s performance.

ClearBridge Value Equity Strategy made the following comment about Everest Re Group, Ltd. (NYSE:RE) in its Q4 2022 investor letter:

“Everest Re Group, Ltd. (NYSE:RE), in the financials sector, is a reinsurance and property and casualty insurer that has been improving operations and reducing risk. The reinsurance market has transitioned to a very “hard” market in the wake of hurricane Ian and structurally rising reinsurance losses. The demand for reinsurance is estimated to be up over $30 billion, with capital supply down by over $50 billion, which indicates that reinsurance pricing is set to increase 30% to 70% globally in 2023, creating an extremely positive fundamental driver for Everest Re. As a result, Everest Re should enjoy earnings growth in 2023 that is largely insulated from macro risks, and we were able to capitalize on the stock trading close to book value before the reality of this supply/demand mismatch was reflected in the price.”