Citi Downgrades ACE Limited (ACE) to Hold
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Citi downgrades ACE Limited (NYSE: ACE) from Buy to Hold. Price target lowered from $68 to $54.
Citi analyst says, "As the market loses faith - deserved or not - in the ability of life insurers to pay VA benefits, we believe it will be difficult to expect shares of ACE to appreciate despite favorable hard market conditions in the P&C group. While we believe the company has significant earnings potential in future years, near term we expect its VA exposure is likely to weigh on the stock and prevent it from exceeding its suddenly premium valuation, by our measure, at 1.0x book value or 1.3x tangible book value."
ACE Limited its direct and indirect subsidiaries (collectively, the ACE Group of Companies) are a global property and casualty insurance and reinsurance organization.
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