Neptune Insurance Holdings (NP) PT Raised to $26 at Mizuho

Mizuho analyst Yaron Kinar raised the price target on Neptune Insurance Holdings (NYSE: NP) to $26.00 (from $23.00) while maintaining a Underperform rating.

The analyst comments "In its first quarter post-IPO, Neptune reported $0.11 adj. EPS, in line with our estimate. $44mn of revenues, up 31% YoY, and $26.7mn adj. EBITDA, at a 60.2% margin, both largely in line with our model. The company also provided 2026 guidance of $186-189mn in revenues and 60-61% adj. EBITDA margin, with our estimates within both ranges. Still, we take up our prior revenue and adj. EBITDA estimates by $1mn, to $188mn, and $114mn, respectively. We increase our PT by $3, to $26 (+13% ETR) to reflect lower net debt, but maintain our Underperform rating. We are unsure how the largely in-line quarter and incrementally better guidance will impact NP share performance tomorrow, as we believe that the share price reflected bullish investor sentiment around a revenue beat."

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