In a report published Thursday, Keefe, Bruyette & Woods analyst Neil Cybart downgraded the rating on EMC Insurance Group EMCI from Outperform to Market Perform, but reiterated the $35.00 price target.
In the report, Keefe, Bruyette & Woods noted, “We are downgrading EMC Insurance to Market Perform from Outperform on valuation. With shares up 30% over the past few weeks and valuation now in-line with peers, we view the stock's risk/reward profile as balanced. After reviewing EMC's GAAP and statutory reserves at YE13, we conclude EMC's reserves remain redundant. We are maintaining our EPS estimates and $35 target price.”
EMC Insurance Group closed on Wednesday at $34.78.
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