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Fly News Breaks for July 9, 2015
ACGL
Jul 9, 2015 | 07:52 EDT
BofA/Merrill downgraded Arch Capital to Neutral and raised its price target to $72 from $69. The firm said shares have moved higher following Ace Limited's (ACE) acquisition of Chubb (CB) and now trade at a premium. BofA/Merrill believes Arch is more likely a buyer than a sell given its excess capital and high multiple.
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