W. R. Berkley price target lowered to $76 from $82 at RBC Capital

RBC Capital analyst Mark Dwelle lowered the firm’s price target on W. R. Berkley to $76 from $82 after its Q1 earnings miss but keeps an Outperform rating on the shares. A second straight quarter of slower growth is disappointing, but this remains a good market for the company and one they normally do well in, the analyst tells investors in a research note. RBC adds that the rate environment remains favorable with 8.3% average rate increases and accident year margins remaining very strong at 87.7%.