Keefe, Bruyette & Woods Downgrades Meadowbrook Insurance (MIG) to Market Perform; Recording Q4 Reserve Charge

Keefe, Bruyette & Woods downgraded Meadowbrook Insurance (NYSE: MIG) from Outperform to Market Perform with a price target of $11.00.

KBW analyst says, "Following a year-end actuarial analysis, Meadowbrook expects to record a $0.10/share AT reserve charge in 4Q11. Management also lowered 2012 guidance to $0.90 to $1.00 (from $1.05 to $1.15). We're lowering our '11 and '12 estimates and lowering our target price to $11. With the stock up 23% over the last two months, we are lowering the shares to Market Perform as we view upside as limited at current levels."

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 $11.60 yesterday.

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