Citi starts Sirius with Neutral rating, $15 price target. Citi analyst James Naklicki last night initiated coverage of Sirius International Insurance Group with a Neutral rating and $15 price target. The bull case on Sirius' stock is risk/reward and M&A, Naklicki tells investors in a research note. However, the bear case is negative U.S. property catastrophe reinsurance pricing in 2019 will weigh on the shares and that liquidity in the stock is low, adds the analyst. With this backdrop he thinks a Neutral rating is warranted.