UPDATE: Keefe, Bruyette & Woods Upgrades Mercury General Corporation to Market Perform, Reiterates $46 PT on Corrected Valuation

In a report published Friday, Keefe, Bruyette & Woods analyst Vincent DeAugustino upgraded the rating on

from Underperform to Market Perform, and reiterated the $46.00 price target. In the report, Keefe, Bruyette & Woods noted, “We're upgrading the shares of Mercury to Market Perform primarily since our expectations for underperformance have played out, and based on our unchanged $46 target price through our August 15th downgrade, there's now less than 5% expected downside, which is essentially offset by Mercury's dividend on a total return outlook basis.” Mercury General Corporation closed on Thursday at $48.38.