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Aspen Insurance initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of Aspen Insurance (AHL) with a Neutral rating and $38 price target reflecting 9% upside. The firm has a positive view of Aspen’s underwriting strategy, but sees the stock as fairly valued considering negative pricing pressures on 50% of Aspen’s revenues and the still relatively recent turnaround in its underwriting.

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