Piper Jaffray Maintains Underweight on CNinsure (CISG)

Piper Jaffray is out with its report today on CNinsure CISG, maintaining Underweight as CISG announced a proposal to go private. In a note to clients, Piper Jaffray writes, "In our view, shareholders should vote for such a proposal in the event a definitive agreement comes to pass. The past year brought unusual and unclear dealings by management to the forefront, generating much skepticism about management and the strategic direction of the company, including our own. Consequently, we believe a private offering may be the best way forward for shareholders to ultimately receive a premium to market value and for management to re-establish a strategy in the China Insurance marketplace." Piper Jaffray maintains a $10 PT on CISG. At the time of posting, shares of CISG were trading pre-market at $16.62, up 26.29% from Friday's close.