BofA downgraded W. R. Berkley (WRB) to Neutral from Buy with a price target of $74, up from $73, after Mitsui-Sumitomo announced its intention to accumulate a 15% position in W.R. Berkley in the open market. Shares of Berkley rose as much as 15% during the day on Friday and close up 7.5%, which brings the stock price “closer to full valuation,” the analyst tells investors.
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