Barrington analyst Kevin Steinke reiterated a Buy rating on Crawford & Company A today and set a price target of $14.00.
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Kevin Steinke’s rating is based on Crawford & Company’s strong performance in non-weather-related business segments, which have demonstrated solid revenue growth. Despite a slight decline in weather-driven revenues, the company’s diversified business model has allowed it to maintain profitability and exceed expectations. The growth in areas such as large and complex claims adjusting, third-party claims administration, and international operations highlights the company’s ability to capitalize on opportunities beyond weather-related events.
Management’s outlook suggests that the current lower frequency of property claims, influenced by insurance affordability pressures, is a temporary situation. They anticipate a normalization in property insurance pricing and claims frequency in the coming months. This optimistic view, combined with Crawford’s strategic investments in technology and service quality, positions the company well for future growth, justifying the Buy rating and the $14 price target.