W. R. Berkley price target raised to $63 from $57 at RBC Capital

RBC Capital analyst Scott Heleniak raised the firm’s price target on W. R. Berkley (WRB) to $63 from $57 and keeps a Sector Perform rating on the shares. The company’s Q3 results were “steady” with “solid” combined ratios despite the elevated catastrophe losses, the analyst tells investors in a research note. RBC adds however that while W. R. Berkley’s expense ratio also moved higher due to growth initiatives and investments in technology and its premium growth decelerated from the recent pace, the management continues to see growth opportunities across areas of the business.