UPDATE: Sterne Agee Initiates Atlas Financial Holdings at Buy on Growth Outlook

Sterne Agee initiated Atlas Financial Holdings

with a Buy rating and an $8.00 price target. Sterne Agee commented, "Over the last couple of years, Atlas has shed non-core business and refocused on its core niche of “light” commercial auto. We feel the company is well positioned for strong profitable growth given its long history and brand awareness in this market, as well as current improving rate trends. Given our expectation of earnings and ROE improvement, we feel valuation at just below TBV is attractive." Atlas Financial Holdings closed at $5.90 on Friday.