Kemper price target lowered to $28 from $35 at Piper Sandler

Piper Sandler lowered the firm’s price target on Kemper (KMPR) to $28 from $35 and keeps a Neutral rating on the shares following quarterly results. A miss versus Piper’s estimates and consensus was primarily driven by worse than expected underlying underwriting results. Catastrophe losses were lower than expected and unfavorable development was slightly better than expected, but the underlying results were significantly worse than Piper expected.