Piper Jaffray Overweight On ProAssurance Corp.

Piper Jaffray has an Overweight rating and a $80 price target on shares of ProAssurance Corp. PRA. In a note to clients, Piper Jaffray writes, "While the usual cast of concerns such as frequency of claim, premium rate action and reserve development weigh on investor's minds, out attention for 2Q11 results focuses on capital management. Below we offer a preview on 2Q11 earnings as well as our thoughts on long term capital management at ProAssurancce. We continue to rate shares Overweight with an $80 price target based on a 1.2x multiple to forward book value." Shares of PRA gained $1.20 on Friday to close at $71.20, a gain of 1.7%.