Piper Jaffray Downgrades State State Auto Financial (STFC) to Sell
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Piper Jaffray downgrades State State Auto Financial (Nasdaq: STFC) from Neutral to Sell, citing current valuation.
Piper analyst says, "In all likelihood, headwinds continue to linger over at least the next 18 months for the property-casualty industry as excess capital lingers, creating further pricing pressure on rates or changes in terms, conditions and coverages. We believe the impact of the macro industry dynamics place more of a burden on firms offering commodity-like products and limited distribution, making it difficult to grow books of business and re-deploy capital."
State Auto Financial Corporation (State Auto Financial) is a property and casualty insurance holding company.
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