Heritage Insurance price target raised to $9 from $7 at Truist

Truist raised the firm’s price target on Heritage Insurance to $9 from $7 and keeps a Buy rating on the shares. The analyst is reducing the firm’s FY23 EPS view by 30c to $1.00 following the company’s Q3 results that were restrained by catastrophe losses in Hawaii and Florida, but also updates the firm’s model for the stock to trade at 6-times expected forward earnings or 1.2-times estimated book value.