Insperity price target lowered to $110 from $128 at Truist

Truist analyst Tobey Sommer lowered the firm’s price target on Insperity to $110 from $128 and keeps a Hold rating on the shares. The analyst cites the company’s FY23 guidance cut as higher than expected benefit costs weighed on results due to an uptick in large claims and an increased pharmacy expense. Truist is positive on the long-term prospects of Insperity’s high-quality business but sees near-term headwinds for the stock.