RBC Capital downgraded W. R. Berkley to Sector Perform from Outperform with a $73 price target. The company has benefitted from hard market insurance pricing conditions with considerable underwriting margin improvement in recent years and remains well positioned for 2024, the analyst tells investors in a research note. However, the firm thinks Berkley’s further core margin improvement will prove more difficult. It views the shares as fairly valued at current levels.
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