Selective Insurance price target lowered to $89 from $92 at BofA

BofA analyst Grace Carter lowered the firm’s price target on Selective Insurance to $89 from $92 and keeps an Underperform rating on the shares. A recent wave of casualty reserve charges persisted in Q2 and companies across the property & casualty, or P&C, sector trued-up liability reserves, including regional peers Cincinnati, The Hanover, and, most notably, Selective, says the analyst, who decreased price objectives across the regional P&C group as recent market turbulence weighs on valuations across the group.