W.R. Berkley (WRB) PT Lowered to $67 at Evercore ISI

Evercore ISI analyst David Motemaden lowered the price target on W.R. Berkley (NYSE: WRB) to $67.00 (from $69.00) while maintaining a Underperform rating.

The analyst comments "Bottom Line: This was a better quarter than what we suspect was a low bar coming in with an Insurance-driven ULR beat, ~in line Insurance NPW growth (30bps below cons) and better buybacks. However, we think it is difficult to have much confidence in the growth accelerating much from here given a mixed track record of fwd visibility translating to NPW growth and the trade off between rate and growth is delicate given WRB’s casualty reserve position. We lower our ests 1% to reflect lower Reinsurance growth and slightly lower NII, offset by elevated buybacks and lower our TP to $67. We continue to believe the estimated LSD% NPW growth at WRB is inconsistent with its 15x P/E."

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