Bowhead Specialty price target lowered to $33 from $38 at Piper Sandler

Piper Sandler lowered the firm’s price target on Bowhead Specialty (BOW) to $33 from $38 and keeps an Overweight rating on the shares. The firm is also lowering its GWP growth estimates in the back half of 2025 as Piper thinks growth was more heavily weighted in the first half of the year. Softening market conditions will likely make it harder to achieve growth as high as it was in the first half of the year. The firm is also expecting loss ratios to look more similar to the first half of the year.