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Arch Capital downgraded to Hold from Buy at Jefferies

Jefferies downgraded Arch Capital (ACGL) to Hold from Buy with a price target of $100, down from $106. The firm anticipates mid-year softening of catastrophe pricing to temper Arch’s growth and compress returns. The analyst lowered growth estimates on intensifying competitive dynamics in catastrophe and specialty, but expects primary casualty to modestly support the company’s sales top line. Jefferies believes Arch Capital is facing rising competition.

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