Citi Upgrades ACE Limited (ACE) to Buy
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Citi upgrades ACE Limited (NYSE: ACE) from Hold to Buy. Price target increased from $58 to $63.
Citi analyst says, "While we expect more pressure on ACE through July 17 when it will be removed from the S&P after the close, enough shares have exchanged hands to suggest that additional selling is likely to be offset with short covering. We are upgrading to Buy, raising the target price to $63 as we increase the price-to-book multiple target to 1.2x. With the stock trading below book value and our fundamental outlook unchanged, we view the recent dip as an attractive buying opportunity."
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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