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Assured Guaranty up 4% post-earnings; bull boosts price target

Published 11/03/2017, 10:22 AM
© Reuters.  Assured Guaranty up 4% post-earnings; bull boosts price target
AGO
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  • The company did have to post a sizable $233M to loss reserves mostly thanks to Puerto Rican exposure, but underlying solid operating results and growing adjusted book value in the face of difficult circumstances is the story, says BTIG's Mark Palmer.
  • Non-GAAP adjusted book value rose to $74.78 from $73.48 three months earlier. Buybacks totaled $80M in Q3, and the company this month authorized another $300M.
  • Palmer lifts his price target by $1 to $50, which represents 0.65x estimated year-end 2018 adjusted book value, minus $3.82 per share for PR exposure.
  • Previously: Assured Guaranty EPS of $1.29 (Nov. 2)
  • AGO +4.15% to $38.42
  • Now read: CoreLogic, INC. 2017 Q3 - Results - Earnings Call Slides


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