NEW YORK (TheStreet) -- BMO Capital Markets raised its price target on ACE Ltd. (ACE) stock to $125 from $122 on Tuesday, after the company's third quarter earnings results beat analysts' expectations.
The Zurich, Switzerland-based global insurance company reported third quarter earnings of $2.74 per share on revenue of $4.22 billion for the most recent quarter.
Analysts surveyed by Thomson Reuters expected ACE to report earnings of $2.37 per share on revenue of $4.21 billion.
ACE bought Chubb (CB) for $28.3 billion earlier this year, which has raised concerns among investors about a culture clash between the two insurance companies, BMO Capital said.
"While some people and business are always likely to take a moment of change as a moment to leave an organization, we do not expect such transitions to be pervasive or detrimental to the combined organization," the firm added.
BMO Capital maintained its "outperform" rating on the stock.
Shares of ACE were down by 0.66% to $114.51 in midday trading on Tuesday.
Separately, TheStreet Ratings team rates ACE LTD as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
We rate ACE LTD (ACE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance and attractive valuation levels. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: ACE