Analyst Shines A Spotlight On Kinsale Capital Group's Healthy Growth Prospects, Double Upgrades Stock

BMO Capital Markets analyst Michael Zaremski upgraded Kinsale Capital Group Inc KNSL to Outperform from Underperform at an increased price target of $389 from $270.
The analyst is bullish on the competitive advantage of Kinsale, given its lower expense structure that is hard to mimic.
The analyst expects the excess & surplus insurance marketplace to decelerate but still grow at high/healthy low-double-digit levels and benefit Kinsale.
Zaremski expects Kinsale to continue experiencing 30%+ revenue growth rates through 2024.
The analyst raised EPS to $2.56 (from $2.49) in Q2 2023, $10.80 (from $10.31) in 2023 and $14.40 (from $12.40) in 2024.
Zaremski also increased the estimate for net premium written to 339 (from 310) in Q2 2023, 1,308 (from 1,216) in 2023 and 1,700 (from 1,429) in 2024.
Price Action: KNSL shares are trading higher by 7.08% at $334.61 on the last check Friday.

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