Evercore ISI downgraded W. R. Berkley to In Line from Outperform with a price target of $79, up from $69. The analyst sees a more balanced risk/reward for the shares, saying potentially accelerating casualty rates are unlikely to result in margin improvement. Evercore now has slight downside to consensus estimates in 2024 and is 5% below in 2025 as it believes upward pressure on 2024 loss ratios from increased conservatism it expects management to embed in loss picks will lead to underwriting income misses.
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