Markel downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Scott Heleniak downgraded Markel to Sector Perform from Outperform with a $1,475 price target. The analyst expects Markel to be more conservative with core loss ratios and reserving near term. While the company’s price/book ratio remains below peers and the stock’s valuation “may present a floor,” the shares won’t gain much traction near term given a tempered underwriting margin outlook and more modest premium growth, the analyst tells investors in a research note.