Piper Jaffray Upgrades CNinsure to Overweight (CISG)

Piper Jaffray analyst Michael Grasher upgraded CNinsure CISG to Overweight. CNinsure is a Chinese independent insurance intermediary company. It does not underwrite policies. Grasher said, "With the recent completion of a $115.0M secondary offering, CNinsure appears set to engage in the second phase of its development. In particular, the company looks to add distribution channels and products to further the company's growth prospects for the quarters and years ahead. Moreover, with continued concerns around China and its economy, the market maintains pressure on CISG shares." Piper Jaffray gives CNinsure a price target of $29.00. Shares of CISG are currently trading at $22.99.