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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Read More on RLI:
- RLI Corp. downgraded to Underperform from Buy at Jefferies
- RLI Corp. price target lowered to $80 from $88 at RBC Capital
- RLI Corp. price target lowered to $95 from $100 at Keefe Bruyette
- RLI Corp. Reports Earnings Amidst Hurricane Challenges
- RLI Corp. selloff ‘materially overdone,’ says Keefe Bruyette
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