Jefferies downgraded RLI Corp. (RLI) to Underperform from Buy with a price target of $61, down from $95, post the Q4 report. The firm estimates growing competition in specialty lines, lighter premium growth ahead and continued loss trend inflation will result in multiple contraction for the shares. The analyst underestimated how quickly RLI’s property growth would decelerate and how conservative management would be in booking new casualty business.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RLI: