Fidelis Insurance price target raised to $27 from $24 at Citizens JMP

Citizens JMP analyst Matthew Carletti raised the firm’s price target on Fidelis Insurance (FIHL) to $27 from $24 and keeps an Outperform rating on the shares. Fidelis missed the firm’s operating EPS estimate, primarily driven by higher-than-expected catastrophe and large losses and lower net interest income, partially offset by a lower-than-projected accident year loss ratio, a lower-than-expected expense ratio, and better-than-projected favorable prior period development, the analyst tells investors in a research note. Fidelis is well-positioned to benefit from prevailing hard market conditions in specialty insurance and reinsurance lines, the firm says.