BMO Capital downgraded W. R. Berkley (WRB) to Underperform from Market Perform with an unchanged price target of $64. The firm cites the company’s “decelerating fundamentals” and “relatively expensive” valuation for the downgrade. BMO believes Mitsui’s ownership stake in W. R. Berkley does not warrant a takeout premium to be embedded in the stock’s valuation.
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