Palomar price target lowered to $151 from $177 at Piper Sandler

Piper Sandler lowered the firm’s price target on Palomar (PLMR) to $151 from $177 and keeps an Overweight rating on the shares following quarterly results. The firm notes underwriting results were worse than expected, mostly driven by a higher-than-expected expense ratio. There was a mixed change with early reporting of crop insurance that raised the combined ratio, but should be just a quarterly timing issue.