Accelerant upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo upgraded Accelerant (ARX) to Overweight from Equal Weight with a price target of $15, down from $17. The stock fell on what was a good quarter and outlook but the estimates should go up on higher EBITDA and repurchases, the analyst tells investors in the research note, also noting that the company should be insulated to a good degree from AI risk. On EBITDA estimate multiple basis, the stock also trades at a 38% discount to its insurance broker peers, the firm added.