Goldman Sachs initiated coverage of Arch Capital (ACGL) with a Sell rating and $88 price target The firm has a “negative bias” on Bermuda reinsurer stocks. The extent of over-earning in the sector is underappreciated in consensus estimates and shares valuations are unlikely to be supportive of stock performance, the analyst tells investors in a research note. Goldman sees a building capital supply/demand imbalance and increases the chance of a softening cycle.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ACGL:
- Arch Capital price target raised to $119 from $114 at BofA
- Arch Capital price target raised to $99 from $93 at Barclays
- Arch Capital price target raised to $104 from $103 at Keefe Bruyette
- Wolfe Research launches coverage with positive view on Life Insurance names
- Arch Capital initiated with a Peer Perform at Wolfe Research