JPMorgan upgraded Palomar (PLMR) to Overweight from Neutral with a price target of $150, up from $115. Despite the stock outperforming this year, Palomar still has a “multi-year runway for growth” and has fundamental upside that is not fully reflected in earnings expectations, the analyst tells investors in a research note. The firm says the company is set to continue its strong growth trajectory, driven by strong gross premium growth and embedded growth in its reinsurance program.
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