W. R. Berkley price target lowered to $94 from $99 at Wells Fargo

Wells Fargo lowered the firm’s price target on W. R. Berkley to $94 from $99 and keeps an Overweight rating on the shares. The firm notes W. R. Berkley traded down on the higher underlying loss ratio in insurance, the maturing of the Argentine securities in the Q1, and lack of additional color around reserve movement in Q1.