BTIG Research Reiterates Buy Rating, $35 PT on Assured Guaranty

In a report published Friday, BITG Research reiterated its Buy rating and $35.00 price target on Assured Guaranty AGO. BTIG noted, “While the current business environment for an underwriter of bond insurance could be fairly described as less-than-optimal given persistently low interest rates and spotty new issuance, the degree of difficulty for Assured Guaranty (AGO) has been even greater given that the company has labored under the overhang of a credit rating review for possible downgrade during 14 of the past 18 months...We reiterate our BUY recommendation on AGO and our price target of $35 based on 0.75x the company's adjusted 2012E per share tangible book value. AGO trades at 0.26x the company's 2Q12 adjusted per share book value, and we continue to believe the shares are deeply undervalued.” Assured Guaranty closed on Thursday at $12.38.