** Shares of property and casualty insurer Ambac Financial AMBC.N fall as much as 7.6%; last down 5.2% at $8.91
** AMBC will be removed from the S&P SmallCap 600 index effective prior to market open on March 24, S&P Dow Jones Indices announced late Friday
** S&P SmallCap 600 provides investors with a benchmark for small-sized companies in the U.S. equities market
** AMBC had a market cap of $434.7 million as of last close - LSEG data
** All two brokerages covering the stock rate it "buy" or higher; median PT is $17
** AMBC stock down 29.6% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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