UPDATE: Taglich Brothers Downgrades HCI Group, Inc. Based on Share Price Gain

In a report published on Friday Taglich Brothers downgraded their rating on HCI Group

from Buy to Speculative Buy. Taglich Brothers also raised their PT on the company from $31.95 to $38. In the report analyst Howard Halpern commented that, "We lowered our rating due to share price gains of 42% over eight weeks to May 21. While HCI has upside potential, shares are unlikely to match gains recently achieved.Entering 2013, HCI expanded its diversified insurance policy portfolio within Florida to 150,000 policyholders from 65,000 and annualized premium potential to $340 million from $135 million at the start of 2011. Based on data from the Florida Office of Insurance Regulation, HCI ranks sixth and fourth, respectively, in policies held and premiums earned. HCI's market share was 1.4% in 2010. In 2013, its market share is approximately 3.2%." HCI Group closed on Thursday at $33.54