Everest Re (RE)

We are downgrading our recommendation on <b>Everest Re</b> (<a href=http://www.zacks.com/stock/quote/re>RE</a>) to Underperform. The company recently announced its initial loss estimates from the earthquake in Chile and the European Windstorm Xynthia. The losses are substantial. <p> Also, the company&#39;s fourth quarter earnings missed the Zacks Consensus Estimate, primarily as a result of prior-year reserve additions. Going forward, the casualty line and the marine books are expected to decline due to tough market conditions. <p> Additionally, the potential for future reserve additions also remains a challenge. Our six-month target price of $72.00 per share equates to 8.5X our earnings estimate for 2010.

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