Arch Capital price target raised to $70 from $55 at JMP Securities

JMP Securities analyst Matthew Carletti raised the firm’s price target on Arch Capital to $70 from $55 and keeps an Outperform rating on the shares as part of a broader research note on Insurance names. Q4 results in the group will present an "ongoing complex picture" in the industry as modest mark-to-market investment gains and light catastrophe losses will positively impact earnings and book value growth for many, though investors’ primary focus is likely to remain "forward looking" and centered around loss cost inflation pressures, recession fears, the sustainability of primary pricing, and a resurgence in property reinsurance pricing, the analyst tells investors in a research note. Carletti adds that he is positive on Arch Capital for its exposure to property and reinsurance tailwinds.