Selective Insurance upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Michael Zaremski upgraded Selective Insurance (SIGI) to Outperform from Market Perform with a price target of $105, up from $95. The firm says that following three quarters of meaningful reserving additions, it is now comfortable that Selective’s earnings bar is low enough that it can begin to exceed consensus expectations in the future quarters. Selective Insurance doesn’t screen as inexpensive on an absolute basis, the analyst tells investors in a research note.