TWFG price target raised to $38 from $30 at RBC Capital

RBC Capital analyst Scott Heleniak raised the firm’s price target on TWFG (TWFG) to $38 from $30 and keeps an Outperform rating on the shares. The company’s Q3 EBITDA margin improved nicely again on a y/y basis and was above 20% for the second consecutive quarter, while its organic growth was impacted by an MGA structure change but was also consistent with the firm’s estimate, the analyst tells investors in a research note. TWFG’s retention rate was off recent highs but still a good 88%, RBC added.