AmTrust defended at SunTrust - allegations 'unfounded'

|About: AmTrust Financial Servic... (AFSI)|By:, SA News Editor

Analyst Mark Hughes says the charges against AmTrust (NASDAQ:AFSI) were made by a whistleblower in cahoots with a short selling group in 2014, with a probe yielding no results at that time.

Hughes thus believes the rehashed allegations as detailed in the WSJ report yesterday are "unfounded."

He retains a Buy rating and $28 price target.

Source: TheFly

The stock tumbled 19% yesterday to $15.30.