Wells upgrades Hamilton Insurance on ‘cheapest valuation’ in group

Wells Fargo upgraded Hamilton Insurance to Overweight from Equal Weight with an unchanged price target of $16. Hamilton trades at the “cheapest valuation” among the property and casualty group, yet the shares have less reserve risk due to loss covers and is exposed to areas of the market seeing good increases, the analyst tells investors in a research note. The firm says that while Hamilton has a lower public float and more investment risk given its Two Sigma relationship, both are more than discounted in the current valuation.