Heritage Insurance price target raised to $28 from $19 at Piper Sandler

Piper Sandler analyst Paul Newsome raised the firm’s price target on Heritage Insurance (HRTG) to $28 from $19 and keeps an Overweight rating on the shares following quarterly results. A strong beat versus PSC and consensus driven by better-than-expected underwriting results and lower than expected catastrophe losses, the firm says. Underlying underwriting results were better than expected driven by favorable development and lower catastrophe losses, adds Piper.