Mercury General price target raised to $100 from $90 at Raymond James

Raymond James raised the firm’s price target on Mercury General (MCY) to $100 from $90 and keeps a Strong Buy rating on the shares. Raymond James maintains a favorable outlook on Mercury’s auto insurance business and its unique positioning in the tough California homeowners’ insurance market, the analyst tells investors in a research note. The company should be able to continue growing its California personal lines market share through 2026 with some the best combined ratios in the last 20 years, which should enable the company to gradually deleverage, Raymond James argues.