Goldman Sachs initiated coverage of Neptune Insurance (NP) with a Buy rating and $30 price target offering 20% total return. The firm views Neptune as a leader in the “emerging market” of U.S. private flood insurance. The company has posted better underwriting than peers given its early-mover advantage and has leveraged artificial intelligence, the analyst tells investors in a research note. Goldman believes Neptune will double its market share of U.S. residential flood insurance policies from 2024 to 2028.
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