Markel Corp (MKL) Receives a Buy from Boenning & Scattergood
Boenning & Scattergood analyst Robert Farnam maintained a Buy rating on Markel Corp (MKL) today and set a price target of $1200. The company’s shares closed yesterday at $1110.19.
“We don’t anticipate much multiple expansion in the near term, largely due to the continuing overhang related to the unresolved regulatory inquiries into CATCo. However, we believe Markel’s shares continue to merit an Outperform rating based on upside potential. While the share price may have some volatility in any short period of time, we believe Markel’s shares are an excellent core holding for a longer-term investor.”
According to TipRanks.com, Farnam has currently no stars on a ranking scale of 0-5 stars, with an average return of -9.1% and a 35.2% success rate. Farnam covers the Financial sector, focusing on stocks such as Argo Group International Holdings Ltd, Hallmark Financial Services, and Selective Insurance Group.
Markel Corp has an analyst consensus of Moderate Buy, with a price target consensus of $1100.
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Based on Markel Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $595 million. In comparison, last year the company had a net profit of $279 million.
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Markel Corp. is a financial holding company, which engages in underwriting specialty insurance products for a variety of niche markets. It operates through the following segments: U.S. Insurance, International Insurance, and Reinsurance.