Wells Fargo Upgrades ACE Ltd (ACE) to Outperform
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Price: $111.02 +0.87%
Rating Summary:
11 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 26 | New: 4
Rating Summary:
11 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 26 | New: 4
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Wells Fargo upgraded ACE Ltd (NYSE: ACE) from Market Perform to Outperform and raised its valuation range form $80-$84 to $92-$96.
The firm comments, "ACE Limited is one of the most diversified and global insurance companies today. ACE's business mix has expanded both by line (A&H and crop) and region (Asia and Latin America) from its recent acquisitions. ACE's strategy has been to hold onto capital to pursue acquisitions. Since 2007 the company has spent $5.8 billion on acquisitions and these deals represented about 23% of 2012 net premiums written.
Going forward, ACE's diversified business mix positions the company to benefit from the stronger commercial lines rating environment. ACE should also see premium growth as the recent acquisitions the company has made fully come on its books. Additionally, we expect ACE to continue to look for additional acquisitions, which would also expand the top line and be accretive to earnings."
For an analyst ratings summary and ratings history on ACE Ltd click here. For more ratings news on ACE Ltd click here.
Shares of ACE Ltd closed at $80.64 yesterday.
The firm comments, "ACE Limited is one of the most diversified and global insurance companies today. ACE's business mix has expanded both by line (A&H and crop) and region (Asia and Latin America) from its recent acquisitions. ACE's strategy has been to hold onto capital to pursue acquisitions. Since 2007 the company has spent $5.8 billion on acquisitions and these deals represented about 23% of 2012 net premiums written.
Going forward, ACE's diversified business mix positions the company to benefit from the stronger commercial lines rating environment. ACE should also see premium growth as the recent acquisitions the company has made fully come on its books. Additionally, we expect ACE to continue to look for additional acquisitions, which would also expand the top line and be accretive to earnings."
For an analyst ratings summary and ratings history on ACE Ltd click here. For more ratings news on ACE Ltd click here.
Shares of ACE Ltd closed at $80.64 yesterday.
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