Heritage Insurance price target raised to $6.35 from $5.25 at Piper Sandler

Piper Sandler raised the firm’s price target on Heritage Insurance to $6.35 from $5.25 and keeps a Neutral rating on the shares. The firm Heritage preannounced estimated catastrophe losses of about $40M for the third quarter primarily related to the Hawaiian wildfires and Hurricane Idalia. Piper had estimated about $32.2M in catastrophe losses for the third quarter. Despite the disappointing catastrophe losses, Piper is adjusting its price target to reflect what it thinks is an improving environment in Heritage’s core Florida home insurance market.