Piper Jaffray Upgrades Affirmative Insurance (AFFM) to Neutral
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Piper Jaffray upgrades Affirmative Insurance (Nasdaq: AFFM) from Sell to Neutral, but lowers its price target from $10 to $9.
The firm believes that most of Affirmative's largest issues are now behind it. Piper mentions problems with the integration of the USAgency acquisition, in addition to concerns regrading Affirmative's back-office systems. Furthermore, after discussions with the Company's management, Piper Jaffray now feels more comfortable as execs provided transparency related to Affirmative's large debt facility.
Affirmative Insurance Holdings, Inc., through its subsidiaries, engages in the underwriting, service, and distribution of personal non-standard automobile insurance policies, and related products and services to individual consumers. [BCS]
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