UPDATE: JP Morgan Upgrades Rating to Overweight and Raises PT to $72 on Allied World Assurance

A report from J.P. Morgan upgrades its rating from Neutral to Overweight and raises its price target from $60 to $72 on Allied World Assurance (NYSE: AWH).The report states, “We believe the company could be a significant beneficiary of any further improvements in insurance pricing for several reasons: First, better pricing would turn the bear-case argument—that AWH is exposed to too many products with negative pricing trends—on its head. Second, the company's US platform is now mature enough to compete with more established industry peers. Third, growth—which is scarce across the industry—is likely to outpace peers given US and international growth opportunities.”AWH closed Friday at $61.33.