Aspen Insurance initiated with an Outperform at BMO Capital

BMO Capital analyst Michael Zaremski initiated coverage of Aspen Insurance (AHL) with an Outperform rating and $38 price target Aspen has successfully executed on a turnaround and has the opportunity to close its valuation gap with peers as it evidences a less volatile underwriting profile versus historical, the analyst tells investors in a research note. BMO sees a pivot toward buybacks at expense of sales, which it estimates will result in 2026 earnings estimates being above consensus by mid-single digits.