W.R. Berkley Nears Historical Price-To-Book High, Analyst Downgrades Stock On Overvaluation Concerns
1. BofA downgraded WRB from Buy to Neutral, increasing price forecast to $74. 2. Mitsui-Sumitomo may acquire 15% stake in WRB but not soon. 3. WRB's price-to-book ratio is close to historic highs of 3.0. 4. WRB has strong return on equity, mitigating some concerns around valuation. 5. Limited upside exists for WRB, resulting in a Neutral recommendation.