Selective Insurance price target raised to $110 from $102 at Piper Sandler

Piper Sandler raised the firm’s price target on Selective Insurance to $110 from $102 and keeps a Neutral rating on the shares. The analyst thinks investors will view the company’s preannouncement as a modest negative as Selective increased its guidance for its profitability excluding catastrophe losses to effectively offset its unusual catastrophe losses in Q2. The miss primarily came from higher than expected catastrophe losses, the analyst tells investors in a research note. Piper raised the price target on forward book value estimate changes.