Wells Fargo analyst Elyse Greenspan maintains $Arch Capital (ACGL.US)$ with a buy rating, and adjusts the target price from $110 to $126.
According to TipRanks data, the analyst has a success rate of 64.5% and a total average return of 8.6% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Arch Capital (ACGL.US)$'s main analysts recently are as follows:
Despite Q3 being marked by numerous global catastrophe events, it is anticipated that the impact of catastrophe losses for property and casualty insurers will be manageable. Looking ahead to Q4, provisional losses from Hurricane Milton have been factored into forecasts, although there is still a degree of uncertainty given the storm's recent landfall. General adjustments within the sector have been made to account for events that unfolded during the quarter and shifts in P/E multiples.
The fundamental outlook for the property and casualty sector is viewed positively heading into the Q3 reports. However, positive expectations, bullish sentiment, and valuations moderate the perspective on stocks in this sector. Key positives include continued firm pricing and the sector's defensive risk profile, though there is a suggestion that expectations for underwriters' margins and brokers' sales growth may be on the optimistic side.
Property & Casualty insurance stocks experienced a successful third quarter as a milder natural catastrophe season and strategic positioning led to new highs. Although Hurricanes Helene and Milton have altered the situation, it's still anticipated that the underwriters will report satisfactory results for the third quarter of 2024.
Note:
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