BofA analyst Joshua Shanker raised the firm’s price target on Arch Capital (ACGL) to $119 from $114 and keeps a Buy rating on the shares. The firm is updating its price targets for U.S. Insurance companies under its coverage, the analyst tells investors. Q3 turned out to be a “relatively calm” season without any hurricanes making landfall in the U.S. and, while 1H saw elevated levels of macro uncertainties, this did not translate to material adverse impact on earnings, the firm says.
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