Compass Point Downgrades Meadowbrook Insurance (MIG) to Neutral Amid Takeover

Compass Point downgraded Meadowbrook Insurance (NYSE: MIG) from Buy to Neutral with a price target of $8.65 (from $7.00) following the announcement that MIG will be acquired by Fosun International Limited.

Analyst Ken Billingsley commented, "As Fosun is a China-based investment group and does not currently have any insurance operations in the U.S. we expect the regulatory approvals will take an extended period of time to complete. However, we would not anticipate a competing offer in excess of the current bid to emerge."

For an analyst ratings summary and ratings history on Meadowbrook Insurance click here. For more ratings news on Meadowbrook Insurance click here.

Shares of Meadowbrook Insurance closed at $7.13 yesterday.

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