Keefe, Bruyette & Woods Upgrades EMC Insurance Group (EMCI) to Market Perform; Raises PT & Estimates
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Keefe, Bruyette & Woods upgrades EMC Insurance Group (Nasdaq: EMCI) from Underperform to Market Perform. Price target increased to $21.
Keefe analyst says, "We are raising EMC Insurance Group's rating to Market Perform based on current valuation. We downgraded EMCI three weeks ago due to the stock's rapid appreciation, which we believe was attributed to misperceptions about the company's common stock investments. The stock price has returned to its previous levels. Given our expectations for an increase in book value in 3Q09, we also raised our target price. Raising estimates."
To see more analyst ratings on EMCI Click Here.
EMC Insurance Group Inc., through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States.
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