Palomar price target raised to $88 from $72 at Truist

Truist raised the firm’s price target on Palomar to $88 from $72 and keeps a Buy rating on the shares after its Q4 earnings beat. The firm anticipates a sustained elevated topline expansion and favorable profitability for Palomar, the analyst tells investors in a research note. Truist further notes that Palomar pointed to an attractive backdrop for the company as dislocation in the California homeowners market is persisting, while the quake market leader, the California Earthquake Authority, is cutting back the coverage it is offering on renewal to its existing policyholders.