Raymond James Downgrades Old Republic International (ORI) to Outperform

Raymond James analyst C. Gregory Peters downgraded Old Republic International (NYSE: ORI) from Strong Buy to Outperform, PT $45.00 (from $48.00).

The analyst comments "We are downgrading our rating to Outperform on the shares of Old Republic International Corporation (ORI). Elevated mortgage rates and softer housing activity have weakened the outlook for a near-term recovery in Title earnings. We also added some further caution around Specialty Insurance combined ratio assumptions amid intensifying competition, contributing to downward revisions to our estimates. We continue to believe ORI should be positioned to generate excess capital and return value to shareholders, supported by continued success in the specialty insurance build-out and the company’s prudent reserving approach."

For an analyst ratings summary and ratings history on Old Republic International click here. For more ratings news on Old Republic International click here.

Shares of Old Republic International closed at $40.08 yesterday.

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