Fidelis Insurance price target raised to $24 from $22 at JMP Securities

JMP Securities raised the firm’s price target on Fidelis Insurance to $24 from $22 and keeps an Outperform rating on the shares. The EPS beat vs. the firm’s estimates was primarily driven by a lower-than-projected accident year loss ratio, better-than-expected prior-period reserve development, and higher-than-projected net interest income, partially offset by higher catastrophe losses, the analyst tells investors in a research note. Fidelis is well positioned to benefit from prevailing hard market conditions in specialty insurance and reinsurance lines, JMP says.