Universal Insurance price target lowered to $20 from $21 at Piper Sandler

Piper Sandler analyst Paul Newsome lowered the firm’s price target on Universal Insurance to $20 from $21 and keeps an Overweight rating on the shares. The analyst thinks the Q3 reports for the insurance sector will be similar to Q2. It will be a mixed quarter with some positives and some negatives, the analyst tells investors in a research note. The firm believes he main bullish points will be continued pricing acceleration in both commercial and personal lines, while the main negative may be personal lines continuing to be unprofitable.