Kemper price target lowered to $75 from $85 at JMP Securities

JMP Securities lowered the firm’s price target on Kemper to $75 from $85 and keeps an Outperform rating on the shares. Kemper announced on Monday that that it will report a 3Q23 operating loss in the range of $25M-$35M largely as the result of adverse PPD stemming from FL Personal Injury Protection, and while disappointing, the firm believes there were a number of positives revealed as well which should help to calm investors’ fears following the departure of Kemper’s CFO last month, the analyst tells investors in a research note. JMP feels a significant amount of bad news has already been discounted into the shares by the market.