Kinsale Capital downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Kinsale Capital (KNSL) to Equal Weight from Overweight with a price target of $350, down from $450. The company is “not immune” to near-term pricing pressure in excess and surplus property, the analyst tells investors in a research note. The firm cites slower growth expectations in the “softening” property and casualty cycle and increasing excess and surplus competition for the downgrade. Morgan Stanley says the “market pays for growth,” and Kinsale’s commercial property pricing softness and increased excess and surplus competition “create continued growth headwinds.”