Compass Point raised the firm’s price target on HCI Group to $124 from $90 and keeps a Buy rating on the shares. The company just repurchased Centerbridge’s preferred shares at par, which represented 100% of the post-money valuation of Centerbridge Partners’ original $100M investment in 2021 of $850M, the analyst tells investors in a research note. The firm says this makes HCI’s 93% ownership of TypTap worth $81 per share. Combining the non-TypTap portion with the TypTap portion, the firm arrives at a value of $124 per share.
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