- BMO Capital Markets analyst Michael Zaremski upgraded Kinsale Capital Group Inc (NYSE:KNSL) to Outperform from Underperform at an increased price target of $389 from $270.
- The analyst is bullish on the competitive advantage of Kinsale, given its lower expense structure that is hard to mimic.
- The analyst expects the excess & surplus insurance marketplace to decelerate but still grow at high/healthy low-double-digit levels and benefit Kinsale.
- Zaremski expects Kinsale to continue experiencing 30%+ revenue growth rates through 2024.
- The analyst raised EPS to $2.56 (from $2.49) in Q2 2023, $10.80 (from $10.31) in 2023 and $14.40 (from $12.40) in 2024.
- Zaremski also increased the estimate for net premium written to 339 (from 310) in Q2 2023, 1,308 (from 1,216) in 2023 and 1,700 (from 1,429) in 2024.
- Price Action: KNSL shares are trading higher by 7.08% at $334.61 on the last check Friday.
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