Fidelis Insurance downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Fidelis Insurance (FIHL) to Underweight from Neutral with a price target of $21, up from $19. The firm says that despite its “discount valuation and de-risked exposures,” it is negative on the shares because of Fidelis’ above-average exposure to property business. The company’s corporate structure limits upside in the stock and could become a drag in a softer pricing environment, the analyst tells investors in a research note.