Selective Insurance price target raised to $86 from $79 at Piper Sandler

Piper Sandler raised the firm’s price target on Selective Insurance (SIGI) to $86 from $79 and keeps a Neutral rating on the shares following quarterly results. The firm notes there was no net reserve development and catastrophes were lower than expected. Favorable reserve development in commercial lines offset unfavorable development in personal lines and E&S lines. While the net favorable development is positive sign, Piper thinks the reserve concerns are probably not entirely over given the negative development in personal lines and E&S. Guidance for 2026 is slightly better than the firm expected with investment income better than it expected.