Jefferies analyst Yaron Kinar downgraded Everest Group (EG) to Hold from Buy with a price target of $429, up from $420. Management pointed to possible Q4 reserve strengthening related to U.S. Casualty in the Insurance segment, notes the analyst, who contends that less informative reserve disclosures limit the ability to quantify potential strengthening, calling the firm’s downgrade “valuation-driven.”
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