Kemper downgraded to Outperform from Strong Buy at Raymond James

Raymond James analyst C. Gregory Peters downgraded Kemper (KMPR) to Outperform from Strong Buy with a price target of $60, down from $82. The firm sees valuation support for the shares following yesterday’s 21% post-earnings selloff, but believes Kemper’s return on equity could be below peers over the next 12 months as management works through the elevated competition in the non-standard personal auto market, particularly in Florida. The company noted it is seeing a modest decline in policy life expectancy in Florida, the analyst tells investors in a research note.