PMA Capital upgraded to Outperform at Oppenheimer; tgt $9
9:34 AM ET 11/4/09 | Briefing.com

. Oppenheimer upgrades PMACA to Outperform from Perform and sets target price at $9 following earnings. The firm notes the company reported that it has further defined the parameters of its runoff sale transaction, and now expects an after-tax charge of $0.52/share upon the anticipated 4Q09 closing of the transaction. The structure includes a guaranty, but they say even if they adjust for the impact of the guaranty, they don't expect much more than about $0.01/share annually from the accretion that will result, and payments under the guaranty, should they manifest, are unlikely to start for several years.