Goldman Sachs initiated coverage of Arch Capital (ACGL) with a Sell rating and $88 price target The firm has a “negative bias” on Bermuda reinsurer stocks. The extent of over-earning in the sector is underappreciated in consensus estimates and shares valuations are unlikely to be supportive of stock performance, the analyst tells investors in a research note. Goldman sees a building capital supply/demand imbalance and increases the chance of a softening cycle.
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