W. R. Berkley downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded W. R. Berkley (WRB) to Neutral from Buy with a price target of $76, up from $74. W. R. Berkley has a relatively worse reserve position versus peers, combined with a less attractive valuation, the analyst tells investors in a research note. The firm feels the stock’s current valuation levels create a less favorable risk/reward skew when it considers the “low likelihood but high severity issue” of W. R. Berkley’s estimated peer-low other liability occurrence reserve position placing material incremental pressure on near-term earnings.