Kemper price target lowered to $81 from $90 at TD Cowen

TD Cowen analyst Andrew Kligerman lowered the firm’s price target on Kemper (KMPR) to $81 from $90 and keeps a Buy rating on the shares. The firm spoke with the company’s CFO Brad Camden, who provided further color on its Q2 results and affirmed sustainability of 93%-95% combined ratios while posting 3%-7% policy-in-force growth in the second half of 2025. While the stock slid 21% on August 6, valuation seems compelling at a 2026 price-to-earnings of 7.7-times, vs. historical next twelve months price to earnings of 11-26x from 2016 to early 2020.