Universal Insurance price target raised to $40 from $35 at Piper Sandler

Piper Sandler raised the firm’s price target on Universal Insurance (UVE) to $40 from $35 and keeps an Overweight rating on the shares. Discussing the sector, the firm believes fourth quarter results will be generally mixed. Piper expects favorable weather will mean that most insurers should have strong or even stronger-than-expected results, but pricing commentary will likely be more pessimistic. A key sign will be if insurance companies continue to believe they are getting rate in excess of claims inflation, it adds.