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Story updated at 10 a.m. to reflect market activity.
NEW YORK (TheStreet) -- Ambac Financial Group(AMBC - Get Report) was downgraded to "sell" from "neutral" by MKM Partners Friday.
Shares of Ambac fell 3.8% to $29.85 in morning trading
The firm set a price target of $21 for the financial group. Ambac's parent company likely won't see much cash flow in the near term according to MKM Partners. That lack of cash flow is the reason for the company's downgrade.