As previously reported, Janney Montgomery Scott analyst Robert Farnam downgraded Employers Holdings to Neutral from Buy with a $50 fair value estimate. Employers booked “solid” results in Q4 and FY23 and appears poised to continue generating good results in the still-favorable workers’ compensation insurance market, but shares have appreciated more than 20% over the last three months and the firm believes they are “appropriately valued today” based on its view of expected returns versus those of peers, the analyst tells investors.
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