Cantor Fitzgerald lowered the firm’s price target on W. R. Berkley (WRB) to $76 from $78 and keeps an Overweight rating on the shares. The initial positive stance on insurance brokers appears premature and overly optimistic, as near-term fundamentals are likely to deteriorate before improving. While the subgroup remains interesting, negative consensus organic growth revisions are expected in the interim.
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Read More on WRB:
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