** Insurer Bowhead Specialty's BOW.N shares rise 3.1% to $34.66

** KBW upgrades BOW to "outperform" from "market perform" following Q4 results; maintains $44 PT, a 30.8% upside to stock's last close

** Brokerage says BOW's current valuation doesn't reflect its strong premium growth prospects in a favorable specialty casualty insurance market

** Says it expects the premium growth to boost the shares over the next 12 months

** Three of six brokerages rate the stock "buy" or higher and three "hold"; median PT is $38 - LSEG

** As of last close, BOW stock down 5.3% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))