Citi analyst Matthew Heimermann downgraded Ategrity Specialty (ASIC) to Neutral from Buy with an unchanged price target of $27. The firm cites valuation for the downgrade, seeing a balanced risk/reward with the shares up 36% since the Q4 report. Ategrity’s valuation now looks “more reasonable” relative to the company’s fundamentals, the analyst tells investors in a research note.
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