Wunderlich Has $64 Target On ProAssurance Corp. (PRA)

Wunderlich Securities has a $64 price target and a Buy rating on shares of ProAssurance Corporation PRA. In a note sent to clients Wunderlich writes, "On November 30, 2010, ProAssurance Corp. (PRA) completed the purchase of American Physicians Service Group (AMPH). We believe the transaction represents an excellent opportunity to profitably expand on PRA's professional medical liability insurance business. AMPH provides PRA the opportunity to expand into the lucrative Texas market. In addition, AMPH provides PRA the ability to aggressively compete in an increasingly consolidated market for medical malpractice insurance. We anticipate AMPH will contribute to operating EPS in 2011. As a consequence we are raising our 2011 EPS estimate to $5.35 from $5.25. We reiterate our Buy rating and $64 price target on PRA shares." Shares of PRA closed at $61.37 yesterday.