BMO Capital analyst Michael Zaremski upgraded Selective Insurance (SIGI) to Outperform from Market Perform with a price target of $97, up from $84. The company has “meaningfully improved” its profit margin scorecard grade of 5.4 , which is up from 3.4 at year-end 2023, the analyst tells investors in a research note. The firm believes Selective’s reserves and loss ratio profit margins should be meaningfully more stable in the years to come. This should drive valuation multiple expansion off the stock’s current 10%-30% depressed levels, contends BMO.
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