ProAssurance price target lowered to $15 from $20 at Truist

Truist lowered the firm’s price target on ProAssurance to $15 from $20 and keeps a Hold rating on the shares. The analyst cites the company’s Q3 earnings miss and higher combined ratio assumptions for Q4. While the valuation multiple is “striking” at 0.5-time book value, ProAssurance stock will be challenged to make forward progress in the near- to medium- term in light of the overhang from inflation, the firm tells investors in a research note.