Piper Jaffray Downgrades Infinity Property and Casualty (IPCC) To Neutral
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Piper Jaffray downgrades Infinity Property and Casualty (Nasdaq: IPCC) from Buy to Neutral based Piper thinking that Infinity is trading at an inflated value. However, Piper did raise IPCC's price target from $44 to $46.
Piper said Infinity Property and Casualty may have a strong earnings release, but Piper sees limited upside in IPCC from current valuation levels. Infinity is already trading at 1.2x existing book value and they think that reflects more than a fair valuation.
Piper noted that the tougher economic conditions and competition will likely outweigh gains made in key states such as Texas. Texas now requires about 4 million uninsured Texans to obtain minimum liability coverage and recently raised rates. One final note, Piper thinks that Infinity Property and Casualty could ultimately benefit as people save gas and drive less miles (thus, less accidents), but it is tough to quantify the financial impact.
Infinity Property and Casualty Corporation is a holding company that, through subsidiaries, provides personal automobile insurance with a concentration on nonstandard auto insurance.
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