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Aspen Insurance initiated with a Buy at Citi

Citi initiated coverage of Aspen Insurance (AHL) with a Buy rating and $43 price target which implies a total return of 25%. The market appears skeptical that Aspen has changed for the better, the analyst tells investors in a research note. The firm sees higher future operating returns than the shares appear to be discounting. Aspen’s recent and past performance has been encouraging and expectations are reasonable, contends Citi.

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