Neptune Insurance upgraded to Neutral from Underperform at Mizuho

Mizuho upgraded Neptune Insurance (NP) to Neutral from Underperform with a price target of $24, down from $26. The upgrade is based on the view that it is “very unlikely” AI will disrupt Neptune’s business model, the analyst tells investors in a research note. However, Mizuho says the company’s “group-low” 2.6% free cash flow yield and its belief that there is risk Neptune faces competition from large national property carriers in the private flood market over time prevent it from becoming more constructive on the shares.