Arch Capital price target raised to $121 from $114 at BofA

BofA raised the firm’s price target on Arch Capital (ACGL) to $121 from $114 and keeps a Buy rating on the shares. Following Q1, the firm’s EPS forecasts are “more or less unchanged,” with better-than-expected underwriting margins and modestly lower share count offsetting premium growth pressure and the higher insurance expense ratio, the analyst tells investors.