Piper Sandler lowered the firm’s price target on Skyward Specialty Insurance (SKWD) to $62 from $66 and keeps an Overweight rating on the shares following quarterly results. The beat versus Piper’s estimates was mainly driven by a better-than-expected top line and better underlying underwriting results. There was no reserve development in the quarter and catastrophe losses were lower than expected. Top-line growth will likely be a focus on the call given Skyward keeps growing faster than expected despite increased competition in parts of its business, the firm adds.
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