Piper Jaffray Initiates American Physicians Capital (ACAP) with a Neutral
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Piper Jaffray initiates coverage on American Physicians Capital (NASDAQ: ACAP) with a Neutral rating and a $48 price target.
The firm said, "In our view, the company's fundamentals remain strong as evidenced by the company's conservative reserving and attractive ROAE generation. The company possesses the No. 2 overall market share in Michigan and Illinois, and APCapital continues to experience favorable loss and claim trends. However, at 1.8x book value, shares currently trade outside their historical range as well as above the peer group valuation."
American Physicians Capital, Inc. provides medical professional liability insurance in the United States through its subsidiaries.
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