Piper Sandler analyst Paul Newsome raised the firm’s price target on ProAssurance (PRA) to $25 from $18 and keeps a Neutral rating on the shares. The firm notes the company reported a miss versus PSC and consensus. Underwriting results were worse than expected, but top-line results were higher than Piper expected and premiums in the company’s medical malpractice business were stable. Bottom-line results were impacted by non-operating items totaling $12.6M related to its merger with The Doctors Company, the firm adds.
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