Updates
** Shares of property and casualty insurer Ambac Financial AMBC.N jump as much as 8.6%, last up 6.1% at $11.85 in early trading
** Roth MKM upgrades rating on AMBC to "buy" from "neutral"; raises PT to $15 from $13, a 34.3% upside to stock's last close
** Brokerage says there is potential for AMBC to prosper again as it will have no debt following the sale of its financial guarantee business
** In June, AMBC agreed to sell its legacy financial guarantee business to asset manager Oaktree Capital for $420 mln; deal expected to close later this year or early 2025
** Roth MKM believes AMBC's shares will move up to the $15 level due to a $50 mln share repurchase program that will commence when the deal closes
** Adds that there are other potential strategic changes that could gain more investor enthusiasm such as selling its underwriting operation, which Roth MKM believes is not core to its strategy
** As of last close, AMBC shares down 32.2% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)