Deutsche Bank Reiterates Buy Rating on Arch Capital (ACGL)
Deutsche Bank is out with a research report this morning, where it reiterates its Buy rating on Arch Capital (NASDAQ: ACGL); it has an $86.00 price target on the stock.
The Deutsche Bank analysts cited the company's recently announced quarterly earnings report, which exceeded their estimates due to favorable prior year development and core operating results.
The analysts noted that 3Q10 net premium written in the Insurance segment declined 8.9%, which is notable given the lack of decline in premium since early 2008.
The Deutsche Bank analysts remarked, “We believe that these results are likely to satisfy investors. Stated BVPS grew 8.7% over the quarter to $89.24, which is sizable compared to the 6% growth seen among the few P&C peers that have already reported. However, altogether, 3Q10 is consistent with prior quarters' results.”
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