Selective Insurance price target raised to $93 from $90 at BMO Capital

BMO Capital analyst Michael Zaremski raised the firm’s price target on Selective Insurance to $93 from $90 but keeps a Market Perform rating on the shares. The analyst cites the firm’s adjustment with higher mark-to-market interest rates since its last model update one month ago. Selective Insurance can meet 2023 expectations after a mildly disappointing string of quarters, though there is no reason for management to get aggressive and promise investors more than ~100 bps of implied margin improvement given property loss-inflation levels are still running high and are in flux, the firm tells investors in a research note.