Salomon Smith Barney reiterates buy on Ace Ltd. (ACE).
Analyst Ronald Frank says the company's global platform positions it well to exploit the broadcasting and commercial property/casualty cycle turn both here and abroad. He notes management offered many examples of dramatic market changes during its Bermuda Angle presentation, as well as a credible review of the company's post-disaster financial condition.
Frnak says the company has successfully diversified, both geographically and along product lines, through acquisitions over the last couple of years. He cut the $0.18 2001 EPS estimate to $0.08 and raised the $3.40 2002 EPS estimate to $4.10. He maintains his $50 target.