Oppenheimer Reiterating Outperfrom On ProAssurance Corp. (PRA)

Oppenheimer & Co. is reiterating its Outperform rating and $65 price target on shares of ProAssurance Corp. PRA following a decline in shares. In the note to clients, Oppenheimer writes, "We are reiterating our Outperform rating and $65 price target for ProAssurance, following the significant decline in the stock price recently. PRA remains a leader in a relatively insulated MPL line and with this recent pullback, PRA is for the first time the cheapest of the group. Although we expect that M&A is still the preferred use, the certaintly of accretion resulting from buybacks at today's price can't be overlooked in our view. Importantly, we are confident that excess liquidity is not the company's goal and although we didn't learn anything new about buybacks, at today's valuation, we'd be shocked if they didn't pick up considerably in the back half of the year." Shares of ProAssurance Corp. are down 56 cents to $51.91 in early Tuesday trading.