Assured Guaranty weakness overdone, says UBS UBS noted shares of Assured Guaranty (AGO) declined 10% on fears of a Puerto Rico municipal default. The firm said that although the company has exposure it has the excess capital and liquidity to complete its share repurchase program and could issue a new buyback authorization, noting a recent Moody's rating affirmation, its $500M debt issuance in June, and its excess capital position. UBS lowered its price target on Assured Guaranty to $28 from $31 but keeps its Buy rating on the shares.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: CF Industries (CF) upgraded to Positive at Susquehanna... ExlService (EXLS) upgraded to Buy from Neutral at BofA/Merrill... Fitbit (FIT) upgraded to Buy at BofA/Merrill... Forward Air (FWRD) upgraded to Outperform at Baird... HD Supply (HDS) upgraded to Positive from Neutral at Susquehanna... Hannover Re (HVRRY) upgraded to Overweight from Underweight at JPMorgan... Moody's (MCO) upgraded to Buy from Neutral at UBS... PRA Group (PRAA) upgraded to Strong Buy from Market Perform at Raymond James... Plum Creek Timber (PCL) upgraded to Outperform from Sector Perform at RBC Capital... Shire (SHPG) upgraded to Outperform from Market Perform at Leerink... Yandex (YNDX) upgraded to Overweight from Equal Weight at Morgan Stanley... Zayo Group (ZAYO) upgraded to Buy from Neutral at MoffettNathanson.