Selective Insurance price target lowered to $90 from $105 at Oppenheimer

Oppenheimer lowered the firm’s price target on Selective Insurance (SIGI) to $90 from $105 and keeps an Outperform rating on the shares following Q2 release. While the firm understands some investor sentiment – that calls into question management credibility and pricing/reserving prowess – it thinks Thursday’s stock move is an overreaction, serving as an attractive entry point for a stock that has a proven long-term outperformance track record.