Everest Group, Ltd. (NYSE: EG) is a prominent player in the global underwriting industry. The company recently changed its name from Everest Re Group, Ltd. to Everest Group, Ltd. in July 2023. This change might have influenced analysts' perspectives, as reflected in the fluctuating consensus price targets over the past year. Everest competes with other major insurance and reinsurance companies in the market.
The consensus price target for Everest Group has seen notable changes. Last month, the average price target was $453, indicating a positive sentiment from analysts. This optimism could be linked to the company's strategic initiatives and improved financial performance. Analyst Michael Zaremski from BMO Capital has also set a price target of $453, reinforcing this positive outlook.
In the last quarter, the average price target was $412.5, lower than the current month's target. This suggests that analysts have become more optimistic about Everest's prospects. The company's decision to bolster its reserves by $1.7 billion, due to social inflation and increased third-party litigation funding, might have contributed to this shift in sentiment.
A year ago, the average price target was $448, slightly lower than the current target but higher than last quarter's. Despite a 4% decline in shares over the past year, Everest's strategic shift under new CEO Jim Williamson, including a more conservative reserve policy, aims to reset expectations and potentially exceed future forecasts.
Everest Group anticipates reporting a net income between $1.3 billion and $1.4 billion for the full year 2024. The company expects its non-GAAP net operating income to be between $1.2 billion and $1.3 billion. These figures, along with the upcoming earnings report, could further influence analysts' price targets and investor sentiment.
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