Markel initiated with a Buy at TD Cowen

TD Cowen analyst Andrew Kligerman initiated coverage of Markel with a Buy rating and $1,986 price target. The company’s specialty reinsurance business is poised for growth and feeds capital into its Investment and Ventures “engines,” which provide diversified income to the company, whose outsized equity portfolio and income through consumer and industrial sectors “do not appear fully captured by its valuation,” the analyst tells investors.