Evercore ISI analyst David Motemaden raised the price target on Palomar Holdings (NASDAQ: PLMR) to $99.00 (from $90.00) while maintaining a In Line rating.

The analyst comments "Bottom Line: It was a strong result with better expense ratio leverage due to higher retained premium that more than offset a loss ratio miss (24.9% vs 24.1/23.9 ISI/Cons) due to both higher natcats and a worse ULR. There was also $2.9m of favorable PYD that would put the AYLR at a larger miss. Despite this, the much better growth and higher retained premium are driving more ER leverage than we anticipated and the forward outlook is 8% above for 2H24 compared to our prior estimates. This is despite a larger than expected $5-7m of losses from Hurricanes Beryl and Debbie which could catch some by surprise (we est $12m of cats in 3Q). We increase our forward estimates by 7-9% to reflect the higher guide (incl retained premium and expense leverage into ’25), offset by a higher loss ratio. Our TP moves to $99 as we reflect a 12mo forward horizon."