DJ Beazley's Share-Price Jump Seen as Overreaction -- Market Talk

· 02/05/2021 05:19

1019 GMT - Specialty insurer Beazley's pretax loss for 2020 was significantly smaller than expected, Shore Capital says. The company posted a $50.4 million loss for the year, and the market had anticipated a loss of $106.4 million, the U.K. investment group says. Shares in Beazley rise 14% to 367.60 pence. However, given that the insurance market is in a much better position than in the year-earlier period, Shore believes that the stock price reaction is significantly overdone. Shore has a buy rating on the stock with a target price of 321 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

(END) Dow Jones Newswires

February 05, 2021 05:19 ET (10:19 GMT)