W.R. Berkley (WRB) PT Lowered at KBW on 'Core Combined Ratio Miss'

Keefe, Bruyette & Woods analyst Meyer Shields lowered the price target on W.R. Berkley (NYSE: WRB) to $72.00 (from $74.00) while maintaining a Market Perform rating.

The analyst commented: "Lowering TP on Core Combined Ratio Miss; Operating EPS of $1.05 beat the Street’s $1.03 consensus (15 estimates ranging from $0.98-$1.09) and our $1.02 estimate, mostly reflecting beats on NII, insurance service income, and F/X (now excluded from operating income calculation), partly offset by misses on the core loss, catastrophe loss, and expense ratios. We expect WRB's shares to trade down on the core combined ratio and written premium misses. We lower our 2025E EPS to $4.20 from $4.30 and maintain our 2026E/2027E EPS at $4.95/$5.35, incorporating 2Q25’s results and assuming slower premium growth and higher core loss ratios. We lower our target price to $72 (14.5x our 2026E EPS) from $74 and maintain our Market Perform rating."

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