Hippo price target lowered to $28 from $29 at Jefferies

Jefferies analyst Yaron Kinar lowered the firm’s price target on Hippo to $28 from $29 and keeps a Buy rating on the shares. Q3 results, particularly for reinsurers, may be overshadowed by this week’s Hurricane Milton, says the analyst, who remains most constructive on Personal on improving margins and policies-in-force. For Q3, the analyst expects catastrophe losses below the five-year seasonal average, but “well above 3Q23,” with potential downside for primary insurers, the analyst tells investors in a preview for the P&C Insurance/Insurtech group.