Arch Capital price target raised to $104 from $98 at BMO Capital

BMO Capital analyst Michael Zaremski raised the firm’s price target on Arch Capital (ACGL) to $104 from $98 and keeps a Market Perform rating on the shares after hosting an earnings call with its management team. The firm has come away incrementally bullish that Arch will continue being one of few relative beneficiaries of casualty insurance price hardening, the analyst tells investors in a research note. BMO adds however that Arch’s mortgage insurance “cash cow” is likely to normalize, in part driven by decelerating macro indicators.