Citi analyst James Naklicki downgraded RenaissanceRe (RNR) to Neutral from Buy and lowered his price target for the shares to $139 from $153. The analyst expects a decline in U.S. property catastrophe reinsurance pricing on January 1, which he says would be a headwind for RenaissanceRe and the other reinsurers. Year to date combined ratios for the Bermuda reinsurers have been in the mid-90's, a level of profitability that won't support higher pricing, says Naklicki. As such, he expect rates to decline by 2% on January 1. This could pressure the stocks around the beginning of the year when several important pricing surveys are released by the brokers, contends the analyst. He recommends putting money to work in the brokers, and prefers Aon (AON) and Willis Towers Watson (WLTW). Deutsche Bank last night upgraded shares of RenaissanceRe to Buy from Hold.