FBR Capital Starts State National Companies (SNC) at Outperform
Get Alerts SNC Hot Sheet
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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FBR Capital initiates coverage on State National Companies (NASDAQ: SNC) with a Outperform rating and a price target of $16.00.
Analyst Bob Ramsey said, "State runs a high-teen ROE insurance fee-for-service fronting model and a predictable auto collateral protection insurance line. We believe this unique business model may take investors some time to understand. However, once the market appreciates the broker-like characteristics of the model, and the potentially significant secular growth opportunity as the alternative reinsurance market expands, we think that SNC should be able to trade at 15x our 2015E EPS. This equates to our $16 price target, or ~42% potential upside versus current levels."
For an analyst ratings summary and ratings history on State National Companies click here. For more ratings news on State National Companies click here.
Shares of State National Companies closed at $11.50 yesterday.
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