United Fire Group price target lowered to $20 from $22 at Piper Sandler

Piper Sandler analyst Paul Newsome lowered the firm’s price target on United Fire Group to $20 from $22 and keeps an Underweight rating on the shares. United Fire preannounced catastrophe losses and unfavorable reserve development in Q2 which resulted in an operating loss of ($2.27), which is significantly worse than expected, the analyst tells investors in a research note. The firm says the company appears to be struggling with its restructuring efforts.