Kinsale Capital price target lowered to $500 from $530 at Truist

Truist lowered the firm’s price target on Kinsale Capital (KNSL) to $500 from $530 and keeps a Buy rating on the shares. The firm says multiple expansion appears less likely when competition is up and pricing has decelerated and tells investors in a research note that this multiple at the top of the specialty P&C group is appropriate in light of Kinsale’s elevated returns and still-healthy topline trends.