Raymond James Raises Price Target for Everest Group, Maintains Strong Buy Rating

Raymond James's Gregory Peters raised their price target on Everest Group (NYSE: EG) by 1.1% from $455 to $460 on 2023/11/20. The analyst maintained their Strong Buy rating on the stock.

Despite the challenges in the reinsurance market, Raymond James remains optimistic about Everest Group's ability to deliver industry-leading operating ROBEs in the Property and Casualty (P&C) sector. Peters, in an investor update, expressed confidence in the company's performance through FY 2024 and beyond.

In addition to the price target adjustment for Everest Group, Raymond James also raised their price target on Skyward Specialty Insurance Group Inc by 20% on the same day, taking it from $30 to $36. The Strong Buy rating for Skyward Specialty Insurance Group Inc was also maintained.

Analysts have shown overwhelming support for Everest Group, with 100% of top-rated analysts rating the stock as either a Strong Buy or Buy. No analysts consider it a Hold, and no one has recommended selling the stock.

Looking ahead, analysts forecast that Everest Group's earnings per share (EPS) for the upcoming year will be $41.78. If their predictions hold true, this would indicate a 22.4% decrease in EPS compared to the previous year.

Since the last quarterly report on September 30, 2023, Everest Group's stock price has risen by 6.6%. On a year-over-year basis, the stock has seen an impressive increase of 24.9%. During this period, Everest Group has outperformed the S&P 500, which has risen by 15.2%.

Gregory Peters, the Raymond James analyst who provided the updated rating and price target, has a strong track record as an analyst. Peters is ranked in the top 7% out of 4,402 Wall Street analysts by WallStreetZen. With an average return of 5.4% and a win rate of 65.7%, Peters specializes in the Healthcare, Industrials, and Financial Services sectors.

Everest Re Group, Ltd., the parent company of Everest Group, is a provider of reinsurance and insurance products both domestically in the U.S. and internationally. Its Reinsurance Operations segment focuses on writing property and casualty reinsurance, as well as specialty lines of business through reinsurance brokers. The Insurance Operations segment directly writes property and casualty insurance, and also collaborates with brokers, surplus lines brokers, and general agents. Established in 1973, Everest Re Group is headquartered in Hamilton, Bermuda.

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