Dec. 5 (Bloomberg) -- Assured Guaranty Ltd., the only active insurer of new U.S. municipal bonds, rose in New York trading after BTIG LLC said the shares may more than triple.
The insurer gained 98 cents, or 8.7 percent, to $12.23. The stock has declined 31 percent this year.
BTIG analyst Mark Palmer initiated coverage on the Hamilton, Bermuda-based company with a “buy” rating and $35 price target. Standard & Poor’s decision to allow Assured Guaranty to maintain a rating in the AA tier will allow it to gain business as “the only currently functioning monoline,” he said.
S&P cut Assured Guaranty to AA- from AA+, according to a Nov. 30 statement from the ratings company.
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