JPMorgan analyst Pablo Singzon lowered the firm’s price target on Palomar (PLMR) to $137 from $158 and keeps an Overweight rating on the shares as part of a Q3 preview for the property and casualty insurance group. The firm says margins for the insurers and growth for brokers have peaked and will moderate further. However, fundamentals in the business are healthy and sentiment is “downbeat” following the recent stock underperformance, the analyst tells investors in a research note. As such, JPMorgan believes the sector is positioned to outperform.
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- Palomar price target lowered to $158 from $170 at JPMorgan