On Oct 23, major Wall Street analysts update their ratings for $WR Berkley (WRB.US)$, with price targets ranging from $56 to $76.
BofA Securities analyst Joshua Shanker maintains with a buy rating, and maintains the target price at $76.
Barclays analyst Alex Scott maintains with a sell rating, and maintains the target price at $56.
Wells Fargo analyst Elyse Greenspan maintains with a buy rating, and maintains the target price at $68.
TD Cowen analyst Andrew Kligerman maintains with a buy rating, and maintains the target price at $68.
RBC Capital analyst Scott Heleniak maintains with a hold rating, and adjusts the target price from $57 to $63.
Furthermore, according to the comprehensive report, the opinions of $WR Berkley (WRB.US)$'s main analysts recently are as follows:
The increase in the firm's valuation for W. R. Berkley post-Q3 results is attributed to an expansion in multiples. It is noted that Berkley has historically commanded a significant premium in peer multiple valuation, which is likely a result of its consistent long-term growth in equity surpassing that of other top-performing peers.
The company's Q3 results were described as 'steady,' with 'solid' combined ratios, even in the face of elevated catastrophe losses. Despite the growth initiatives and investments in technology leading to a higher expense ratio, and the premium growth slowing from its recent pace, the management is still recognizing growth opportunities across various areas of the business.
After W. R. Berkley disclosed Q3 operating earnings per share that surpassed estimates, the perception is that the quarter was satisfactory, yet it may have slightly underperformed compared to expectations set by another company's results. This is attributed to less than anticipated net premium growth and minimal acceleration in rate increases. There is some indication of rate growth in specific insurance categories, but it remains to be seen if rates will rise sufficiently across the company's entire portfolio to meet the anticipated growth for Q4, as the general consensus seems to align with this skepticism.
W. R. Berkley's earnings per share aligned with expectations, despite a five-cent impact from foreign exchange. The company experienced lighter premium growth, while the underlying margin surpassed expectations, coupled with a modest $1 million of prior year development, as noted by analysts.
Here are the latest investment ratings and price targets for $WR Berkley (WRB.US)$ from 6 analysts:
Note:
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