-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们维持对RNR的12个月目标价为340美元，2027年每股运营收益预期为41.20美元，市盈率为8.3倍；2026年每股运营收益预期为40.56美元，市盈率为8.4倍（上调3.21美元），而三年平均远期市盈率为8.1倍，同业平均市盈率为9倍。RNR第一季度每股运营收益为13.75美元，而去年同期亏损1.49美元，高于我们此前预测的7.54美元和市场普遍预期的11.22美元，这主要得益于承保盈利能力的提升。营业收入同比下降17%至26亿美元，低于我们的预期，这反映出已赚保费下降了近20%。承保业绩有所改善，第一季度承保利润为5.888亿美元，而去年同期亏损7.706亿美元，综合比率从128.3%改善至73.0%。由于保费走软，RNR缩减承保业务，第一季度净保费收入下降超过22%，至不足27亿美元。我们认为第一季度的业绩（或业绩不足）并非未来水平，因此将2026年的收入预期下调至持平或下降7%。按当前股价计算，该股的市盈率为我们2026年每股收益预期的7.4倍，低于我们的目标估值，且相对于同业和历史平均水平而言被低估。
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