W.R. Berkley (WRB) PT Raised to $68 at Mizuho

Mizuho analyst Yaron Kinar raised the price target on W.R. Berkley (NYSE: WRB) to $68.00 (from $66.00) while maintaining a Neutral rating.

The analyst comments "$1.30 op. EPS (+24% YoY) beat Street/MSUSA of $1.13. $0.10 of the beat was from a lower tax rate, though management expects the remainder of '26 to return to the ~23% normalized ETR rate. The remainder of the beat was roughly evenly attributed to NII, Reinsurance underwriting results, and corporate expenses, somewhat offset by a miss to Insurance underwriting. Management points to a notable broadening of standard market appetite, making the E&S market more competitive, particularly in property. Still, with the meaningful rate increases that the company achieved in recent years, management is rethinking the balance between rate and growth in Insurance. We increase our '26E by $0.15 to reflect the 1Q26 beat, our '27E is unchanged at $4.80, and our '28E is $0.05 higher, at $5.15, in-line with Street. We raise our PT by $2, to $68 (7% return) primarily on valuation roll-forward. Maintain Neutral rating."

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