Keefe Bruyette analyst Thomas McJoynt-Griffith downgraded Assured Guaranty to Market Perform from Outperform with a price target of $92, up from $75. The analyst cites valuation for the downgrade with the shares up 17% year-to-date. The firm is “hard-pressed to see” Assured trading at or above book value while it still generates 6%-7% returns on equity. The company benefited from a “number of one-timers” in 2023 that boosted book value, but this growth will normalize to 10% annually, the analyst tells investors in a research note.
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