UPDATE: BTIG Research Reiterates Buy on Assured Guaranty; Lowers PT from $37 to $35

BTIG Research reiterated a Buy rating on Assured Guaranty

and lowered its price target from $37 to $35. BTIG Research commented, “We are reducing our 2Q12 earnings per share estimate for Assured Guaranty (AGO) to $0.50 from $0.87 based primarily on the decline in risk-free rates during the quarter – the 10-year Treasury rate has declined by 56bps, while the 30-year Treasury rate has fallen by 64bps – which we believe will negatively impact the company's loss estimates.” Assured Guaranty closed at $11.65 on Monday.