Keefe, Bruyette & Woods Raises Price Target On Argo To $41

According to Keefe, Bruyette & Woods, Argo Group International Holdings AGII reported a 2Q beat on better than expected underwriting ($0.11/share AT difference). KBW said that premium production was slightly weaker than expected (6.6% decline) and investment/fee income missed by $0.03/share AT. “We're raising our TP to $41 and we reiterate our Outperform rating. Trading at 50% of book, we believe the stock is attractively valued.” Argo Group International Holdings closed yesterday at $28.93.