Fidelis Insurance downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Pablo Singzon downgraded Fidelis Insurance to Neutral from Overweight with a price target of $15, down from $16.50. Given the narrow path post-initial publics offering for the stock to work that Fidelis missed, it is difficult to imagine how the stock outperforms peers even off a depressed valuation, the analyst tells investors in a research note. The firm thinks the company’s unconventional corporate structure imposes a greater threshold for outperformance compared to other public insurers.