Old Republic price target lowered to $46 from $47 at Piper Sandler

Piper Sandler lowered the firm’s price target on Old Republic (ORI) to $46 from $47 and keeps an Overweight rating on the shares following “a fine quarter.” The firm is encouraged that management to not see the same problems some of its peers see in commercial auto. Management believes it can provide capital for ECM in the future without an impact on recommendations for returning capital to shareholders.