Ategrity Specialty price target lowered to $22 from $26 at JPMorgan

JPMorgan analyst Pablo Singzon lowered the firm’s price target on Ategrity Specialty (ASIC) to $22 from $26 and keeps an Overweight rating on the shares as part of a Q3 preview for the property and casualty insurance group. The firm says margins for the insurers and growth for brokers have peaked and will moderate further. However, fundamentals in the business are healthy and sentiment is “downbeat” following the recent stock underperformance, the analyst tells investors in a research note. As such, JPMorgan believes the sector is positioned to outperform.