Selective Insurance price target lowered to $86 from $90 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Selective Insurance (SIGI) to $86 from $90 and keeps an Equal Weight rating on the shares. With the stock down over 15% on the day after earnings due to weaker earnings, another $45M reserve charge, and increased combined ratio guidance, investors asked if weaknesses are now largely reflected in shares, notes the analyst, who views reserving as “one item still outstanding.”