Fidelis Insurance initiated with an Outperform at JMP Securities

JMP Securities analyst Matthew Carletti initiated coverage of Fidelis Insurance with an Outperform rating and $22 price target. The analyst believes Fidelis is well positioned to take advantage of prevailing hard market conditions across most specialty and reinsurance lines of business. The firm finds the shares attractively valued at current levels, saying the company has a long-term track record of underwriting outperformance across cycles.