Heritage Insurance price target raised to $3.50 from $3.30 at Piper Sandler

Piper Sandler analyst Paul Newsome raised the firm’s price target on Heritage Insurance to $3.50 from $3.30 and keeps a Neutral rating on the shares. The analyst estimates Q1 book values for the property-casualty insurers will increase by 7.1%, attributed to the 1.9% increase in the bond market as well as a 7.0% increase in the equity market. Piper continues to believe the property casualty insurers "will be a relatively defensive sector in a volatile financial market and weakening economy."