In a report published Tuesday, Sterne Agee analyst Dan Farrell raised the price target on Atlas Financial Holdings AFH from $8 to $11, while reiterating its Buy rating.
In the report, Sterne Agee noted, “We are raising our price target to $11 from $8 per share given increasing confidence in earnings growth trajectory. The company has exceeded our premium growth assumptions over the last 2 quarters and continues to achieve rate increases that should drive LR improvement. Our EPS estimates for 2014 and 2015 imply 106% and 33% growth in EPS, respectively, and we feel our top line and LR assumptions could still prove conservative.”
Atlas Financial Holdings closed on Monday at $8.80.
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