UPDATE: Deutsche Bank Upgrades W.R. Berkley Corporation to Hold, Raises PT

In a report published Friday, Deutsche Bank upgraded its rating on W.R. Berkley Corporation

from Sell to Hold, and raised its price target from $33.00 to $38.00. Deutsche Bank noted, “Amidst a period of multiple contraction for many specialty underwriters like Berkley, shares now trade in-line with large-cap commercial P&C peers like ACE and Travelers at 1.45x tangible book excl. AOCI. Arguably, the large-cap firms have shown more sustainable earnings power as the 2004-2010 decline in P&C pricing took a greater toll on specialty lines. W.R. Berkley Corporation closed on Thursday at $41.17.