RBC Capital Downgrades W.R. Berkley (WRB) to Sector Perform, 'fairly valued at current levels'

RBC Capital analyst Scott Heleniak downgraded W.R. Berkley (NYSE: WRB) from Outperform to Sector Perform with a price target of $73.00 (from $72.00).

The analyst comments "We are reducing our rating on shares of W.R. Berkley to Sector Perform (from Outperform), please see our 2024 Insurance Outlook. W.R. Berkley has benefitted from hard market insurance pricing conditions with considerable underwriting margin improvement in recent years. The company remains well positioned for 2024 in our view. That said, we think further core margin improvement will prove more difficult although we expect solid results near term. We anticipate only modest reserve releases in 2024. We view the shares as fairly valued at current levels (2.7x book value) and don’t see positive catalysts emerging that would drive multiple expansion in 2024."

For an analyst ratings summary and ratings history on W.R. Berkley click here. For more ratings news on W.R. Berkley click here.

Shares of W.R. Berkley closed at $74.36 yesterday.

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