HCI Group price target lowered to $119 from $130 at Compass Point

Compass Point lowered the firm’s price target on HCI Group to $119 from $130 and keeps a Buy rating on the shares. The Florida-based P&C insurer, principally insuring homeowners and condo risks, also offers exposure to the rapidly growing insurtech market through its majority-owned TypTap subsidiary, notes the analyst. Hurricane Helene did substantial damage and Hurricane Milton is turning into potentially a Category 4 or 5 storm, notes the firm, which believes the insured losses are likely to be substantial and likely reach well into the reinsurance towers given the estimates of the losses for Helene, the strength of Milton, and the track of the storm.