Bowhead Specialty price target lowered to $35 from $38 at Citizens

Citizens lowered the firm’s price target on Bowhead Specialty (BOW) to $35 from $38 and keeps an Outperform rating on the shares. The firm expects Q1 results to be highlighted by lighter-than-typical catastrophe losses, modest MTM negative impact on book values and ongoing potential for continued issues around casualty loss reserves. With that said, Citizens believes investor focus will be zeroed in on the pricing environment as weakness in certain areas, notably property, has spooked the market broadly and is now spreading to an increasing number of lines across the industry.