Neptune Insurance initiated with a Neutral at JPMorgan

JPMorgan analyst Pablo Singzon initiated coverage of Neptune Insurance (NP) with a Neutral rating and $25 price target Neptune is the largest private residential flood provider in the U.S. and has a “highly differentiated technology platform and a robust financial profile,” the analyst tells investors in a research note. However, the firm thinks growing outside the more immediate National Flood Insurance Program opportunity will be more difficult and that the stock’s valuation is already getting “significant credit for future growth.”