KBW Downgrades Philadelphia Consolidated (PHLY) to Market Perform
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Keefe, Bruyette, and Woods downgrades Philadelphia Consolidated (NASDAQ: PHLY) from Outperform to Market Perform.
With the announced acquisition of PHLY by Tokio Marine for $61.50, KBW’s new price target is $61.50.
The firm said, "PHLY reported stronger-than-expected premium production and underwriting results. However, excluding reserve development and cat losses, PHLY's normalized EPS of $0.85 fell $0.07 short of our normalized estimate."
Philadelphia Consolidated Holding Corp., doing business as Philadelphia Insurance Companies, engage in designing, marketing, and underwriting specialty commercial and personal property and casualty insurance products in the United States.
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