BGB Securities Reiterates Buy, $30 PT on AmTrust Financial Services

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BGB Securities maintains its Buy rating and $30 target price on AmTrust Financial Services (NASDAQ: AFSI) as the company issues $175M Convertible Senior Notes Due 2021. BGB Securities says, "The company announced a private offering of $175< of senior unsecured notes due December 2021. The company has announced no specific use for the additional capital. ...The additional capital will add to the company's annual interest expense by approximately $0.12 per share assuming the $25MM over-allotment is issued. We have lowered expectations accordingly. Despite the aded expense, we believe AFSI is an attractive buy with an industry leading ROAE." AFSI closed at $23.11 per share on Friday.

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