XL), although Citi still retains a "buy" rating on the stock. Shares of RenaissanceRe closed Thursday at $72.97. Meanwhile, Wells Fargo analyst John Hall upgraded RenaissanceRe to "outperform" from "market perform," arguing the company has set conservative guidance for 10% growth in its managed cat premiums in 2012. "Additionally RNR has proven that it can utilize multiple capital resources to take advantage of market opportunities," Hall adds. Hall also upgraded Travelers ( TRV) to "outperform," saying the Dow component is "positioned to capitalize on the improving rates in the primary insurance market." Meanwhile, Hall downgraded Axis Capital ( AXS) to "market perform," arguing that a reversion to the mean for the company's share price may be extended due to the transition of CEO John Charman to the chairman position in May. Hall raised his valuation range for RenaissanceRe to a range of $82 to $86 from the previous range of $72 to $76. He also increased his valuation range for Travelers to $67 to $72 from the prior valuation range of $60 to $65. Axis Capital's valuation range was cut to $32 to $35 from the previous range of $36 to $39. -- Written by Robert Holmes in Boston. >To contact the writer of this article, click here: Robert Holmes. >To follow Robert Holmes on Twitter, go to http://twitter.com/RobTheStreet. >To submit a news tip, send an email to: email@example.com.