Fidelis Insurance price target lowered to $15 from $17 at BMO Capital

BMO Capital lowered the firm’s price target on Fidelis Insurance to $15 from $17 and keeps a Market Perform rating on the shares. The analyst cites the company’s Q3 results and missed expectations, particularly around its Bespoke” insurance segment, where the combined ratio of 79% came in against consensus expectations of a lower/better 70% level. BMO adds that the stock’s valuation looks inexpensive, though it also warns that the company’s higher expense ratio and novel capital structure will take time for some investors to get comfortable valuing.