01:55 PM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our 12-month target price by $2, to $90, valuing WRB shares at 13.8x our '25 operating EPS estimate of $6.50 (raised by $0.10) and at 15.0x our '24 EPS estimate of $6.00 (upped by $0.10), versus the five-year average forward multiple of 17.9x and a peer average of 14x. Q1 operating EPS of $1.56 versus $1.00 topped our $1.46 EPS estimate and the $1.43 consensus view amid a 12.5% rise in operating revenues (versus our 9%-14% growth forecast) on 11% higher premiums (versus our 9%-12% growth estimate) and 43% higher investment income. Underwriting results also improved, evidenced by the Q1 combined ratio of 88.8% versus 90.6%. We view these results positively and note Q1 written premium growth of 11% will likely top many peers, as WRB noted market conditions remained "favorable." We keep our 9%-14% operating revenue forecast for '24 and '25, driven by an expected 9%-12% rise in premiums. We view the shares, currently trading at 13x our '24 EPS estimate, undervalued versus peer and historical averages.