Citi upgraded Ategrity Specialty (ASIC) to Buy from Neutral with an unchanged price target of $26. While the firm notes it increased estimates following Q2 results, it called the upgrade “primarily a valuation call” with little change in fundamentals over the past month-plus coupled with share price weakness since the company went public. Growth is being driven by casualty lines, where “pricing power is still positive,” the analyst added.
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