Piper Sandler upgrades Heritage Insurance, says ‘turned the corner’

Piper Sandler last night upgraded Heritage Insurance to Overweight from Neutral with a price target of $13, up from $9. The firm sees the company’s renewed efforts to grow as a sign that Heritage “has turned the corner fully” to rate adequacy and the home insurance market is ready for earnings growth. The company now appears to be solidly profitable after several years of price increases and more recent moderating claims inflation, the analyst tells investors in a research note.