Selective Insurance price target raised to $96 from $92 at BMO Capital

BMO Capital raised the firm’s price target on Selective Insurance (SIGI) to $96 from $92 and keeps an Outperform rating on the shares after its Q1 results. In the face of improving reserving conservatism, plus near double-digit pricing increases, the firm’s estimates fall driven by higher catastrophe losses, higher interest expense, and alternative investment income headwind, the analyst tells investors in a research note. BMO cuts its Q2 EPS view by 29c to $1.34 and its FY25 view by 65c to $7.17.