Wells Fargo Starts Neptune Insurance Holdings (NP) at Overweight

Wells Fargo analyst Elyse Greenspan initiates coverage on Neptune Insurance Holdings (NYSE: NP) with a Overweight rating and a price target of $35.00.

The analyst comments "We initiate coverage of Neptune (NP) with an Overweight rating and $35 price target. NP operates as an MGA in flood insurance market and is seeing good revenue growth at strong margins and has potential to benefit as business is privatized from NFIP. Estimates and price target: We are initiating with a 2026 adjusted EPS estimate of $0.55, 2027 of $0.70 and 2028 of $0.85. Our $35 price target is based on a two-thirds weighting toward a regression implied EV / EBITDA multiple vs Rule of 40 (of 24.9x) against comparable peers and a third weighting toward WFS estimated upside scenarios from proposed NFIP legislative changes. Our price target translates to 32.0x EV / our average 2027 / 2028 EBITDA (which does not include benefit of NFIP reform)."

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

Shares of Neptune Insurance Holdings closed at $30.48 yesterday.

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