KeyBanc Downgrades Meadowbrook Insurance (MIG) to Buy
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KeyBanc downgrades Meadowbrook Insurance Group (NYSE: MIG) from Aggressive Buy to Buy and lowers its price target from $14 to $12.
The firm seems very bullish on Meadowbrook's acquisition of ProCentury (Nasdaq: PROS) and believes the transaction will be positive for long-term shareholders. Interestingly, KeyBanc believes the Street has not yet priced in the potential positives from such a merger, but believes that over the next several months, complexity surrounding the transaction will limit upside potential.
Meadowbrook Insurance Group, Inc. provides business and risk management solutions for agents, brokers, professional and trade associations, pools, trusts, and small to medium-sized insureds in the United States.
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