Selective Insurance initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Selective Insurance Group with an Outperform rating and $120 price target. The analyst says the company has a history of disciplined underwriting and pricing cycle management as well as a significant organic growth opportunity, which is not fully appreciated in today’s share price. Selective has a long track record of participating in hard-market pricing cycles while avoiding soft markets, the analyst tells investors in a research note.