American Financial downgraded to Market Perform at Keefe Bruyette

Keefe Bruyette analyst Meyer Shields downgraded American Financial Group (AFG) to Market Perform from Outperform with a price target of $144, down from $164. The firm expects limited reserve releases and high casualty loss picks to pressure the company’s earnings and limit share upside in the near term. As such, it sees the shares as reasonably valued.