UPDATE: Sterne Agee Initiates United Insurance Holdings at Buy on Growth Outlook
Sterne Agee initiated coverage on United Insurance Holdings (NASDAQ: UIHC) with a Buy rating and an $8 price target.
Sterne Agee commented, "UIHC has a strong underwriting track record providing homeowners coverage in FL and is well positioned to expand in catastrophe/wind-exposed regions given its expertise and current pricing momentum. We feel valuation at 98% of 4Q12E TBV is attractive given growth opportunities and our expectation of improving earnings (to mid/high teens ROE)."
United Insurance Holdings closed at $5.74 on Thursday.
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