Everest Group price target lowered to $402 from $406 at Wells Fargo

Wells Fargo lowered the firm’s price target on Everest Group (EG) to $402 from $406 and keeps an Equal Weight rating on the shares. The firm notes Everest Group traded down post results, which it attributes to its stance on its upcoming casualty reserve. Everest will complete a comprehensive review of long-tail reserves, which to Wells implies it will add to reserves.