Hagerty price target raised to $12 from $11 at JPMorgan

JPMorgan raised the firm’s price target on Hagerty (HGTY) to $12 from $11 and keeps a Neutral rating on the shares as part of a Q3 preview for the property and casualty insurance group. The firm says margins for the insurers and growth for brokers have peaked and will moderate further. However, fundamentals in the business are healthy and sentiment is “downbeat” following the recent stock underperformance, the analyst tells investors in a research note. As such, JPMorgan believes the sector is positioned to outperform.