Selective Insurance price target lowered to $93 from $99 at RBC Capital

RBC Capital lowered the firm’s price target on Selective Insurance (SIGI) to $93 from $99 and keeps a Sector Perform rating on the shares. The company’s Q4 results fell short of estimates as reserve strengthening was visible in multiple segments, the analyst tells investors in a research note. Rate increases should help and this latest reserve addition might finally put reserves to needed levels, but investors should hold a wait-and-see approach on shares near term, RBC added.