Everest Group price target lowered to $461 from $499 at Barclays

Barclays analyst Alex Scott lowered the firm’s price target on Everest Group (EG) to $461 from $499 and keeps an Overweight rating on the shares. The company announced a $1.7B of reserve strengthening and a new mid-teens total shareholder return target through the cycle, the analyst tells investors in a research note. The firm sees near-term underwriting ratio pressure, but says management targets price adequacy in one renewal cycle.