Accelerant price target lowered to $16.50 from $22.50 at BMO Capital

BMO Capital analyst Michael Zaremski lowered the firm’s price target on Accelerant (ARX) to $16.50 from $22.50 and keeps an Outperform rating on the shares. The firm cites lower benchmark valuations for the lower price target as peers have de-rated. BMO Capital told investors that given the dislocation among insurance distribution companies, there is little-to-no correlation between valuation multiples and organic growth in the current environment.