Palomar price target raised to $150 from $112 at Truist

Truist raised the firm’s price target on Palomar (PLMR) to $150 from $112 and keeps a Buy rating on the shares after its Q4 earnings beat. The firm is also raising its FY25 EPS view by 85c to $6.65, boosted by higher net earned premiums and a lower assumed combined ratio, the analyst tells investors in a research note. Truist adds that its assumed multiple of 19-times expected forward earnings is appropriate given Palomar’s strong topline growth and healthy returns.