Posted: January 17, 2024 at 1:52 PM ET
Written by Stephen Necrosis
Shares of American Coastal Insurance reached a 52-week high on the Nasdaq on Wednesday after Raymond James initiated coverage on the stock with an outperformance with a price target of $15 per share.
“We believe the company can achieve some of the lowest combined ratios and highest returns on equity of any publicly traded insurance company.”
Written by Stephen Necrosis
Shares of American Coastal Insurance reached a 52-week high on the Nasdaq on Wednesday after Raymond James initiated coverage on the stock with an outperformance with a price target of $15 per share.
“We believe the company can achieve some of the lowest combined ratios and highest returns on equity of any publicly traded insurance company,” Raymond James said in a note to clients.
In afternoon trading, the stock was up more than 19% to $11.83. Earlier in the session, shares hit $12.24, a 52-week high.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com