Skyward Specialty Insurance price target raised to $60 from $53 at JMP Securities

JMP Securities analyst Matthew Carletti raised the firm’s price target on Skyward Specialty Insurance (SKWD) to $60 from $53 and keeps an Outperform rating on the shares. Skyward Specialty’s Q4 preannouncement highlighted the strength of the business, the analyst tells investors in a research note. The firm believes Skyward has a well-rounded and defensible portfolio of niche product lines that are benefiting from macro tailwinds as the broader excess and surplus/specialty markets enjoy some of the best market conditions in decades, and believes Skyward’s limited exposure to catastrophe risk and sizable businesses in areas that do not classically follow a property and casualty cycle should result in a more stable stream of earnings versus many peers.