Markel results ‘too inconsistent’ for Argus to recommend shares

Argus says that based on Markel’s (MKL) Q1 catastrophe events and projected lower equity valuations, offset by improving investment income, the firm is lowering its GAAP 2025 and 2026 EPS estimates. The company’s results and ROE measures are “too inconsistent for us to recommend the shares,” though it likes the company’s focus on underwriting profitability and accretive acquisitions and “may look to move MKL back to our BUY list” if ROE consistently improves or the company begins to pay a dividend, the analyst tells investors.