Kingstone Companies downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler downgraded Kingstone Companies to Underweight from Neutral with a price target of $1.75, up from $1.20. The analyst believes the company’s strategy to exit non-New York home insurance will ultimately result in a stabilized business with modest profitability. However, Kingstone’s Q3 results were disappointing and the stock price has increased to a point where the valuation is too high, the analyst tells investors in a research note.