NEW YORK (Bloomberg) — Shares of Bermuda-based Assured Guaranty Ltd., the municipal-bond insurer backed by Wilbur Ross, rocketed by 20 percent after JPMorgan Chase & Co. raised its price target to $42 a share from $28.

Assured reported yesterday its third-quarter operating income was 44 cents per share, in line with preliminary results released November 10.

JPMorgan analysts led by Andrew Wessel in New York raised their price target, saying premiums from the Financial Security Assurance Holdings Ltd. acquisition will be recognised faster than the firm had forecast.

Assured climbed $4.32, or 20.4 percent, to $25.53 in composite trading on the New York Stock Exchange.