James River Group price target lowered to $8 from $11 at JMP Securities

JMP Securities lowered the firm’s price target on James River Group (JRVR) to $8 from $11 and keeps an Outperform rating on the shares. The firm walked away from meetings with management with the understanding that it will likely take some time for management to regain the confidence of investors and prove the attractiveness of the company, the analyst says in a research note. The firm says the U.S. excess and surplus market remains a “dynamic” and attractive area to operate, and that significant underwriting and claims put in place over the past few years should result in the the core E&S franchise remaining highly relevant to distribution and producing attractive results for investors going forward.