Citizens upgrades Accelerant to Outperform on selloff since IPO

Citizens JMP analyst Matthew Carletti upgraded Accelerant (ARX) to Outperform from Market Perform with a $20 price target The weakness in the shares since the company’s July initial public offering has been driven by “overdone fear” relating to business with a related party, the analyst tells investors in a research note. The firm believes the negative reaction to the growth of Hadron as a risk exchange Insurer is overdone. Citizens views Accelerant’s business as “highly differentiated, with a strong likelihood of driving significant revenue growth and profitability for many years to come.”