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Fly News Breaks for July 20, 2018
RLI
Jul 20, 2018 | 07:18 EDT
As reported earlier, RBC Capital analyst Mark Dwelle upgraded RLI Corp to Sector Perform from Underperform and raised his price target to $67 from $56. The analyst notes that the company has "resolved reserve and margin concerns" that previously drove his negative view, with the re-emergence of growth placing its earnings and return on equity on a more "favorable track". Dwelle adds that while the price to book value multiple on the stock remains rich, he is positive on the company's "improving fundamentals, stable reserves and a strong capital return program".
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