Kinsale Capital price target raised to $530 from $485 at Truist

Truist analyst Mark Hughes raised the firm’s price target on Kinsale Capital to $530 from $485 and keeps a Buy rating on the shares after hosting its CEO for investor meetings. The firm contends that the lower new money yields on casualty pricing should provide an incremental tailwind to Kinsale’s topline expansion, the analyst tells investors in a research note. Truist adds that its higher price target is supported by expectations for Kinsale to maintain its current earnings multiple of 24-times and then appreciate with earnings growth in the high teens.