United Fire Group price target lowered to $19 from $21 at Piper Sandler

Piper Sandler analyst Paul Newsome lowered the firm’s price target on United Fire Group to $19 from $21 and keeps an Underweight rating on the shares following quarterly results. The firm notes that a worse than expected bottom line was driven primarily by an estimated 10c per share liability charge for rating errors. Underwriting and net investment income were modestly better than Piper expected.