Fidelis Insurance initiated with an Overweight at JPMorgan

JPMorgan analyst Pablo Singzon initiated coverage of Fidelis Insurance with an Overweight rating and $16.50 price target. Fidelis is a captive capital insurance vehicle that has privileged access to a solid underwriting platform in a favorable property and casualty market, the analyst tells investors in a research note. The firm thinks the stock’s “discount valuation is overly punitive.”