Fidelis Insurance initiated with an In Line at Evercore ISI

Evercore ISI initiated coverage of Fidelis Insurance with an In Line rating and $19 price target. Following the stock’s recent outperformance, the firm is waiting for a better entry point as it thinks the risk/reward is more balanced ahead of a potentially active hurricane season. The company’s mix shift away from reinsurance to property should help on this front but has yet to be tested as 2023 had limited peak zone catastrophe activity, the analyst tells investors in a research note.