TD Cowen downgraded W. R. Berkley (WRB) to Hold from Buy with a price target of $78, up from $77. The firm cites valuation for the downgrade following the share outperformance on news of Mitsui Sumitomo Insurance buying a 15% equity stake. While Mitsui’s share acquisition process “may provide a further tailwind” and TD is upbeat on W. R. Berkley’s underwriting prospects, “much is priced in” at current share levels and the company’s reserving dynamics “warrant monitoring,” the analyst tells investors in a research note.
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Read More on WRB:
- W. R. Berkley downgraded to Hold from Buy at TD Cowen
- W. R. Berkley Holds Annual Stockholders Meeting Decisions
- W. R. Berkley raises quarterly dividend 12.5% to 9c per share
- W. R. Berkley downgraded to Neutral from Buy at Goldman Sachs
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