RLI Corp. (RLI) PT Raised to $165 at RBC Capital

RBC Capital analyst Mark Dwelle raised the price target on RLI Corp. (NYSE: RLI) to $165.00 (from $162.00) while maintaining a Sector Perform rating.

The analyst comments "RLI produced a sub-90 combined ratio with highly profitable core underwriting margins and healthy reserve releases. The property segment outperformed with a 70s combined ratio despite a notable loss impact from recent hurricanes. Overall NWP grew by 20% in the quarter with the company continuing to find areas of dislocation for growth. Likewise, rate increases remain notable across key product areas. There was no mention of the special dividend, which we expect to be declared over the next few weeks. Overall we continue to view RLI as a high-quality company albeit at a fair valuation."

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