Keefe, Bruyette & Woods Downgrades Navigators Group (NAVG) to Market Perform; Valuation Call
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Keefe, Bruyette & Woods downgrades Navigators Group (Nasdaq: NAVG) from Outperform to Market Perform on Valuation. Price target increased by $2 to $61.
Keefe analyst says, "We are raising our PT to $61 from $59 reflecting strong 3Q09 BVPS growth; however, with less than 6% potential upside to our PT, we are downgrading NAVG to Market Perform on valuation. Given NAVG's strong recent performance, with shares up over 33% from 2009 lows and up 16% since 2Q09 earnings, NAVG is now trading at 1.3x 2Q09 BVPS, in our view a fair valuation."
To see more analyst ratings on NAVG Click Here.
The Navigators Group, Inc., an international insurance holding company, engages in the underwriting and management of property and casualty insurance in the United States, the United Kingdom, Belgium, and Sweden.
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