Swiss Re upgraded to Buy from Hold at Deutsche Bank. Deutsche Bank analyst Frank Kopfinger upgraded Swiss Re to Buy and raised his price target for the shares to 101 francs from 98 francs. The analyst believes the company is likely to benefit the most from April 2019 renewals based on its "strong market position in Japan."
Apple (AAPL), Akamai (AKAM), Etsy (ETSY), and Swiss Re (SSREY) announced an agreement to develop two new wind and solar energy farms in Illinois and Virginia. Spearheaded by Apple, the new projects will generate 290 megawatts to the PJM electric grid serving much of the Eastern United States, including areas of Virginia, Illinois, Pennsylvania, New Jersey, and Maryland. The two new projects will provide enough power for 74,000 homes, and will support each of the companies' operations. Akamai, Etsy and Swiss Re previously had limited opportunity to access large renewable energy projects in the regions covered by the thirteen state PJM wholesale electric market. By collaborating with Apple, these companies were able to access wind and solar power from the new projects at competitive prices and agreement terms. The group, with technical assistance from 3Degrees, will collectively purchase 125 megawatts from a wind farm near Chicago and 165 megawatts from a solar PV project outside Fredericksburg, Virginia, which will be delivered to the electric grid covered by the PJM wholesale electric market. The projects are expected to come online over the next two years. The solar and wind projects will be developed by sPower and Geronimo Energy, respectively.