BMO Capital lowered the firm’s price target on Accelerant (ARX) to $22.50 from $34 and keeps an Outperform rating on the shares. The firm is adjusting its valuation model, moving to a sum-of-the-parts valuation methodology, which values a portion of Accelerant using carrier multiples, vs. previously relying fully on insurance broker/distributor multiple, the analyst tells investors in a research note.
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