Kinsale Capital price target lowered to $440 from $600 at Truist

Truist lowered the firm’s price target on Kinsale Capital (KNSL) to $440 from $600 and keeps a Buy rating on the shares. The firm is raising its FY24 EPS forecast to $15.35 from $15.10 to reflect upside in Q1 along with higher net investment income, but lowering its FY25 estimate to $17.50 from $18.30 based on lower assumed growth in gross written premiums and slightly reduced favorable reserve development, the analyst tells investors. The firm assumes the stock maintains is current multiple in line with “high quality” peer RLI Corp. (RLI) and appreciates with earnings growth, the analyst added.