Insperity price target lowered to $84 from $90 at JPMorgan

JPMorgan analyst Andrew Polkowitz lowered the firm’s price target on Insperity (NSP) to $84 from $90 and keeps an Underweight rating on the shares. Insperity’s Q3 results were consistent with themes highlighted by its peers, namely small business hiring remains sluggish, while health cost trend up-ticked relative to the firs half of the year performance, the analyst tells investors in a research note. The firm says cyclicality is not on the side on the professional employer organization pure-plays, with soft hiring and elevated cost trend leaving models with less margin for error than enjoyed in the years immediately post-pandemic.