Old Republic downgraded to Neutral at Piper after Q4 earnings

As previously reported, Piper Sandler downgraded Old Republic (ORI) to Neutral from Overweight with a price target of $38, down from $51, following the company’s Q4 earnings report. The firm notes that it tends to recommend investors stay away from companies with loss cost reserve or loss trend issues, adding that it is “less optimistic” on Old Republic’s specialty underwriting segment given its struggles in dealing with commercial auto loss cost inflation.