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Fly News Breaks for May 20, 2019
PRA
May 20, 2019 | 05:05 EDT
Keefe Bruyette analyst Christopher Campbell downgraded ProAssurance to Underperform from Market Perform with an unchanged price target of $33. The stock has rallied 9% since the company's "disappointing" Q1 results, Campbell tells investors in a research note. The analyst says that while MedMal rates are improving, he's "highly skeptical" that near-term operating earnings will reflect any material change in ProAssurance's view on rising MedMal loss cost trends. Further, declining workers' compensation margins will also limit the company's near-term earnings upside, adds Campbell.
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