BMO Capital analyst Michael Zaremski lowered the firm’s price target on Selective Insurance (SIGI) to $88 from $96 and keeps an Outperform rating on the shares after its Q2 earnings miss. Investors are voting that they’re not confident that Selective Insurance will stop exhibiting reserve additions on business written in the past, the analyst tells investors in a research note. BMO adds however that it continues to estimate that the company’s reserves look better than in the recent past.
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