UBS analyst Brian Meredith last night upgraded Assured Guaranty to Buy from Neutral with a $94 price target. The shares are trading at a 40% discount to operating book value, which is unwarranted, the analyst tells investors in a research note. UBS highlights Assured "market leadership and earnings resilience." It views current share levels as an attractive entry point given the company's "high-quality, cash-generative franchise." While Assured's near-term investor sentiment may remain influenced by Brightline-related developments, its fundamentals are intact, contends the firm.
