SiriusPoint initiated with an Outperform at Oppenheimer

Oppenheimer analyst Michael Phillips initiated coverage of SiriusPoint (SPNT) with an Outperform rating and $25 price target The firm expects the shares to rate higher as investors gain more appreciation for the “significant overhaul” management has done to the company’s underwriting and investment strategy since the merger. SiriusPoint’s managing general agents centric partnerships and more simplified ownership structure should also enhance value, the analyst tells investors in a research note. Opco values the shares using a sum-of-the-parts.