Morgan Stanley analyst Bob Huang maintained a Hold rating on Slide Insurance Holdings, Inc. yesterday and set a price target of $19.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Bob Huang’s rating is based on a combination of factors that present a mixed outlook for Slide Insurance Holdings, Inc. The company reported stronger than expected underwriting income, primarily due to lower catastrophe losses, which is a positive indicator. However, growth in gross written premiums slightly missed expectations, and there was an increase in the core loss ratio, which raises concerns about the company’s ability to maintain profitability in a competitive market.
Despite the improvement in the overall loss ratio, the elevated core loss ratio suggests potential challenges in managing claims effectively. Additionally, the decrease in policies acquired by Citizens and a slight drop in the policy renewal rate indicate potential hurdles in sustaining growth. These mixed results, combined with the competitive landscape in Florida, contribute to the Hold rating as investors are advised to monitor the company’s performance closely.
In another report released yesterday, TR | OpenAI – 4o also initiated coverage with a Hold rating on the stock with a $18.00 price target.