Bowhead Specialty price target lowered to $38 from $40 at Citizens

Citizens lowered the firm’s price target on Bowhead Specialty (BOW) to $38 from $40 and keeps an Outperform rating on the shares. Fourth quarter results are expected to reflect lighter catastrophe losses and limited mark-to-market impacts, with attention focused on pricing trends amid weakness in property lines, the analyst tells investors in a research note. While property pricing is declining, returns remain strong and casualty lines continue to see solid rate increases, pointing to a market in transition rather than broadly soft, the firm says.