James River Group price target lowered to $6.25 from $7.75 at Compass Point

Compass Point lowered the firm’s price target on James River Group (JRVR) to $6.25 from $7.75 and keeps a Buy rating on the shares. The “lack of investor faith in the current management team,” the resistance created by the new terms of the Gallatin Point convertible preferred security, and the possibility of additional charges from the contested sale of the Casualty Re business to Fleming are “significant barriers to any meaningful revaluation,” but as disappointed as the firm is with the decision to rewrite the terms of the Gallatin Point preferred, it also does not want to advise shareholders to give up on the stock at its current level and advises “waiting for a better exit point,” the analyst says.