Jefferies analyst Andrew Andersen lowered the firm’s price target on RLI Corp. to $165 from $170 and keeps a Buy rating on the shares. RLI shares have underperformed over the last three months as property growth momentum moderates, but the firm expects casualty growth to accelerate year-over-year in 2024 and “favorably” views the forward growth potential in casualty given RLI’s lower leverage, strong reserve position, and cycle management, the analyst tells investors.
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