W.R. Berkley Nears Historical Price-To-Book High, Analyst Downgrades Stock On Overvaluation Concerns

BofA Securities analyst Joshua Shanker downgraded W.R. Berkley Corporation WRB from Buy to Neutral, raising the price forecast to $74 from$73. The analyst suggests that Mitsui-Sumitomo's plan to acquire a 15% stake in W.R. Berkley may not lead to a takeover soon, though it could be a long-term option. The analyst mentions that W.R. Berkley is currently trading at 3.0 times its estimated book value for March 31, which is close to the highest point it's ever reached, matching levels seen in April 2006 and No ...