What's Going On With Fairfax Financial Shares Today - Fairfax Finl Hldgs (OTC:FRFHF)

RBC Capital analyst Mark A. Dwelle raised the price target for Fairfax Financial Holdings FFH FRFHF to $750 from $675.
The analyst kept Outperform rating for the shares.
Dwelle stated that the hard market is still driving strong top-line growth and improved underwriting margins, and management did a great job of protecting book value as interest rates rose, positioning them for improved investment results in the future.
While the portfolio is still complex, he added that the value positioning seems to be well matched to current market conditions.
With underwriting contributions improving and the balance sheet as well-positioned, the analyst sees significant room for multiple expansion and views company shares as a best-in-class value opportunity at about 0.85x book value, mentioned the analyst.
The company recently reported its first-quarter results, with net premiums written by the property and casualty insurance and reinsurance operations rising 27.8% and gross premiums written improving 21.9%.
Price Action: FFH shares are trading lower by 7.31% at C$654.26 on TSX, and FRFHF is lower by 7.57% at $508.42 on the last check Monday.