Kinsale Capital price target lowered to $480 from $500 at Truist

Truist analyst Mark Hughes lowered the firm’s price target on Kinsale Capital (KNSL) to $480 from $500 and keeps a Buy rating on the shares. With the addition of the data from New York, where growth improved a point versus Q3, the premium in four states – also CA, FL, and TX – representing half the E&S market advanced 14% in Q4, just below the 15%-16% gains the preceding two quarters, the analyst tells investors in a research note. The firm’s price target cut also reflects the view that the company retains its current forward P/E multiple of 22x and then appreciates with earnings growth in the mid-teens, Truist added.