UPDATE: Miller Tabak Upgrades ACE Limited to Buy on Valuation

Miller Tabak upgraded Ace Limited (NYSE: ACE) from Hold to Buy and initiated a $91.50 price target.

Miller Tabak said, "We believe the entire property/casualty stock group is at the beginning of an upward revaluation by investors, and we expect ACE -- with its focus on disciplined underwriting standards -- to be a leader in this process. The key driver of this expected industry upgrade is the emergence of powerful underwriting profit momentum in the US in 2013-2014, and the belief that investors will pay more for sustained underwriting profits than for expected investment income."

ACE Limited closed at $83.90 on Wednesday.

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