Skyward Specialty Insurance initiated with a Perform at Oppenheimer

Oppenheimer analyst Michael Phillips initiated coverage of Skyward Specialty Insurance with a Perform rating and no price target. The firm says its rating balances a favorable view of the company’s long-term outlook with a near-term view of a downward bias in industry valuations as pricing power and growth slows. Based on its earnings and return on equity expectations and peer valuation dynamics, it thinks the shares are fairly priced in the $38-$40 range.