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Fly News Breaks for July 7, 2017
AFSI
Jul 7, 2017 | 08:39 EDT
JMP Securities analyst Matthew J. Carletti reinstated coverage of AmTrust with an $18 price target and an Outperform rating after the company said that it had entered into an adverse development cover, or ADC, with a collateralized counterparty. The analyst says that the deal significantly lowers the risk that reserve charges will negatively impact its earnings, as the first $400M of reserve charges now will not impact its financials. He adds that the company is "committed" to improving its financial disclosures and remediating the material weakness noted by its auditor. Carletti says that the stock is "undervalued."
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