RBC Capital Starts SiriusPoint Ltd (SPNT) at Outperform

RBC Capital analyst Rowland Mayor initiates coverage on SiriusPoint Ltd (NYSE: SPNT) with a Outperform rating and a price target of $30.00.

The analyst comments: “SiriusPoint is emerging from a transformative journey under the leadership of CEO Scott Egan. The stock has rallied in the last 18 months, but we believe shares are meaningfully undervalued for a business that has improved its underwriting performance, cleaned up its balance sheet, and has unrecognized value in its MGA assets. With shares at roughly 1.3x trailing book (1.2x if you adjust IMG's carrying value to market price), we believe there is upside as the business generates teens ROEs and compounds BVPS in the HSD to LDD range annually. Initiate at Outperform.”

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 $25.17 yesterday.

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