Compass Point lowered the firm’s price target on RLI Corp. (RLI) to $82 from $92.50 and keeps a Buy rating on the shares. The firm is reducing estimates with an eye on casualty and property, stating that RLI “had a tougher quarter than most investors are used to.” The firm has seen quarterly favorable reserve development declining as a percentage of earned premiums and is “obliged to increase our loss ratio estimate until we see this trend favorably resolved,” the analyst added.
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