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We have increased our recommendation on the shares of Ambac Financial Group, Inc. (ABK) to a Hold from a Sell. Since our November 20, 2007 rating change, the shares yielded 97.2% return to investors.
Even tough concerns remain with respect to ABK industry and broader market pressures; the company has commuted certain CDO exposures, mitigating some of the overhang. As such, we suggest investors might want to begin to take some profits at this point of time considering the limited downside potential. Hence, we have changed our rating.
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