Piper Jaffray & Co. Upgrades American Physicians Capital (ACAP) to Buy
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Piper Jaffray & Co. upgrades American Physicians Capital (Nasdaq: ACAP) from Hold to Buy.
Piper analyst says, "With the recent pullback in ACAP shares over the last 6 weeks, we view the current valuation level of 1.35x forward BVPS as attractive. In maintaining our multiple of 1.5x off of 3Q09's estimated BVPS of $32.49, we raise our price target from $47 to $49. Additionally, our positive thoughts surrounding ACAP's fundamentals remain unchanged and further increase our confidence in the shares."
American Physicians Capital, Inc., (APCapital) is an insurance holding company that writes medical professional liability insurance through its primary subsidiary American Physicians Assurance Corporation (American Physicians).
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