Oppenheimer Says ProAssurance While It's Cheap (PRA)

Oppenheimer reiterated an Outperform rating for ProAssurance PRA after the stock's recent tumble. ProAssurance is a provider of professional liability insurance. Oppenheimer analysts said, "We are reiterating our Outperform rating and $65 price target for ProAssurance today, 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." ProAssurance is rated Outperform with a price target of $65.00. Shares are currently trading at $52.47.