Truist starts Skyward Specialty at Buy on growth prospects, discount valuation

Truist analyst Mark Hughes initiated coverage of Skyward Specialty Insurance with a Buy rating and $26 price target. The analyst notes the company generating 35% expansion over the last seven quarters in gross written premium on continuing business and believes it should sustain double-digit growth in coming periods as it takes advantage of strong market momentum and builds out its footprint. The firm further states that the stock’s forward earnings multiple of 12-times is a a discount to the Specialty P&C group average of 18-times.