-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We cut our 12-month target price by $183 to $1,977, valuing MKL shares at 18x our 2026 EPS estimate of $109.85 (down $5.20) and at 17x our 2027 operating EPS estimate of $116.65 (down $4.00). This compares to the shares' three-year average forward multiple of 18x and peer average of 12x. We also lower our 2026 operating revenue forecast from a 4% to 7% rise to flat to up 6%. Q1 operating revenues were flat Y/Y, reflecting 2% lower premiums (below many peers), partly offset by 8% higher investment income, 2% higher product revenues and a 2% uptick in service revenues. We think these results, coupled with some margin pressures at MKL's non-insurance businesses, remove a catalyst from the shares.