Oppenheimer Starts SiriusPoint Ltd (SPNT) at Outperform

Oppenheimer analyst Michael Phillips initiates coverage on SiriusPoint Ltd (NYSE: SPNT) with a Outperform rating and a price target of $25.00.

The analyst comments "Initiating coverage of SPNT with an Outperform rating and $25 price target. We expect shares to rate higher as investors gain more appreciation for the significant overhaul management has done to the company's underwriting and investment strategy since merger. Its MGA-centric partnerships and more simplified ownership structure should also enhance value. Additionally, SPNT-owned MGAs are carried at only ~2x earnings, a significant discount, distorting (over-inflating) overall shares' P/B valuation. Shares trade at only ~8.8x our 2026E EPS and ~0.9x our 2026E BVPS, a discount to peers that trade at ~11.0x and 1.4x 2026E EPS and BVPS. We value the shares using a sum-of-the-parts, valuing the underwriting and MGA businesses separately. Our overall price target of $25 represents 11.3x and 1.2x 2026E EPS and BVPS."

For an analyst ratings summary and ratings history on SiriusPoint Ltd click here. For more ratings news on SiriusPoint Ltd click here.

Shares of SiriusPoint Ltd closed at $19.36 yesterday.

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