** Shares of property and casualty insurer Ambac Financial AMBC.N plunge as much as 28.3%; hitting their record low
** Stock last down 20.4% at $6.65
** AMBC late Monday reported bigger-than-expected Q1 loss, missing Wall Street expectations for the third straight quarter, according to data compiled by LSEG
** Roth Capital Partners says estimating earnings for AMBC remains challenging, given all the changes over the past year in its business
** Brokerage believes AMBC earnings can improve fairly quickly, as the company grows in the insurance distribution business
** Both brokerages covering the stock rate "buy" or higher; with a median PT of $15 - LSEG
** As of last close, AMBC stock down 34% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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