skynesher
Shares of W.R. Berkley (NYSE:WRB) have been a strong performer over the past year, gaining over 40%, though the stock has dropped about 10% from its March highs. I last covered WRB in October when I rated shares a “buy,” given my view underwriting results were improving and elevated interest rates would support earnings. Shares have surged past my $70 price target, and while they have returned a seemingly strong 20% since my recommendation, the market has gained 24%. With updated financial information, now is a good time to determine if WRB has further upside or if investors should look elsewhere for outperformance. While results have been strong, forward-looking commentary is somewhat disappointing, and I am downgrading shares to a hold.
Seeking Alpha
In the company’s first quarter reported on April 23rd, WRB earned $1.56, which did beat estimates by $0.13. The company is seeing both solid underwriting results…
