Palomar price target lowered to $64 from $72 at Piper Sandler

Piper Sandler analyst Paul Newsome lowered the firm’s price target on Palomar to $64 from $72 and keeps an Overweight rating on the shares. The company issued guidance that is leading to lower Q4 earnings expectations, which can be attributed primarily to Hurricane Nicole related losses, Newsome tells investors in a research note. While the Q4 news is negative, it does not detract from the core growth story that is driven by Palomar’s expansion into specialty commercial and continued growth of its core earthquake insurance business, says the analyst.