Wunderlich Securities Leaves Meadowbrook Insurance $12 PT, Buy Rating Unchanged (MIG)

Wunderlich Securities left its Meadowbrook Insurance MIG $12 price target and Buy rating unchanged in a research report published today. In the report, Wunderlich Securities states, "We believe MIG represents an attractive value. We believe fundamentals support a valuation of $12 per share, or 1.0 times 2011 estimated book value of $11.65/share. MIG has generated an 11% ROE over the past two years. We anticipate ROE will be in the double digits in 2011. Despite this track record, MIG's stock has one of the lowest price to book value ratios among the company's peers, trading at 80% of 2011E book value, which compares to 0.9 times price to 2011E book value for peers." Shares of Meadowbrook Insurance were at $9.78 in after hours trading, down 0.03% from Thursday's market close.