As previously reported, Piper Sandler analyst John Barnidge initiated coverage of Neptune Insurance (NP) with an Overweight rating and $33 price target The firm views Neptune as being on the vanguard of chapter 2.0 of insurtech. The company has a clearly defined moat, high profitability, B2B distribution and a truly disruptive tech platform, Piper adds. NFIP reform is “just gravy” for an attractive business, it argues.
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