Everest Group price target raised to $490 from $480 at BofA

BofA analyst Joshua Shanker raised the firm’s price target on Everest Group (EG) to $490 from $480 and keeps a Buy rating on the shares after Everest pre-announced a $1.5B pre-tax reserve charge net of a $684M reserve release in short-tailed reinsurance lines, which compares with the firm’s forecast of $1.4B. The firm believes the market is likely to view a $2.4B charge to longer-tailed lines as “appearing decisive” on a basis of $25B in total company net loss reserves headed into this charge, the analyst tells investors.