Markel price target lowered to $1,425 from $1,650 at RBC Capital

RBC Capital lowered the firm’s price target on Markel to $1,425 from $1,650 but keeps an Outperform rating on the shares. The company’s Q3 results were “disappointing” by its own standards with a 99% combined ratio that was impacted by a few items, the analyst tells investors in a research note. Markel has had some pockets of weakness in select lines that pushed up overall loss ratios in the quarter, but while this was a difficult quarter, there is long-term value for the stock at the current valuation of 1.3-times book value, RBC added.