Piper Sandler on Palomar Holdings (PLMR): 'Additional Confidence in Achieving Guidance'

Piper Sandler analyst Paul Newsome reiterated an Overweight rating and $150.00 price target on Palomar Holdings (NASDAQ: PLMR).

The analyst commented: "Additional Confidence in Achieving Guidance; We are affirming our Overweight on PMLR following the analyst day. Theme of the conference was a qualitative background on why PLMR can achieve its 2025 earnings guidance (people and strategy) with a focus on casualty and crop which are the big growers this year.

Palomar 2X: Reiterating goal to double the size of the company (capital, premium, net adjusted income) in three to five years as a baseline goal for the firm. PLMR's focus currently is on doubling adjusted net income as Palomar's 2X goal starting in 2025. Included in goal is maintaining an ROE of 20% or greater. The initial objectives laid out in the plan in 2022 were doubling underwriting income over an intermediate time frame, adjusted ROE greater than 20% and an organic growth strategy. PLMR surpassed its goals from the initial 2X plan within 3 years."

For an analyst ratings summary and ratings history on Palomar Holdings click here. For more ratings news on Palomar Holdings click here.

Shares of Palomar Holdings closed at $130.72 yesterday.

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