Skyward Specialty Insurance price target raised to $44 from $40 at Truist

Truist raised the firm’s price target on Skyward Specialty Insurance to $44 from $40 and keeps a Buy rating on the shares after its Q4 earnings beat. New policy submission growth improved to 34% in the quarter as the company continues to see dislocation across the P&C sector, spurred on by adverse reserve development at many carriers, particularly in casualty lines, the analyst tells investors in a research note. Skyward CEO also suggested that the slight topline decline in the Global Property & Agriculture division in the quarter was a product of seasonality and should in no way be considered an indicator of future trends, the firm added.