Shares of Santa Ana-based title insurer First American Corp. rose more than 3% in early trading Wednesday on an upgrade from Lehman Brothers.
The investment bank upped First American to “overweight” from “equal-weight.”
Lehman Brothers said it expects an expansion in First American’s profit margins this year and next.
This year’s profit estimate for First American was raised to $402 million from an earlier view of $387 million.
