ProAssurance downgraded to Market Perform from Outperform at Citizens JMP

Citizens JMP analyst Matthew Carletti downgraded ProAssurance (PRA) to Market Perform from Outperform without a price target following the announcement that the company will be acquired by The Doctors Company. With the shares currently trading at a 6% discount to Doctors’ $25.00 acquisition price, the market is currently fairly discounting the potential outcomes, the analyst tells investors in a research note. Citizens says that while a better, competing offer can never be ruled out, it believes the odds are “quite low.”