UPDATE: Keefe, Bruyette & Woods Upgrades XL Group plc (XL) to Outperform

(Updated - August 25, 2015 9:31 AM EDT)

Keefe, Bruyette & Woods upgraded XL Group plc (NYSE: XL) from Market Perform to Outperform with a price target of $44.00 (from $42.00), saying the sell-off provides an attractive entry point.

Analyst Meyer Shields commented, "We're upgrading XL's shares to Outperform from Market Perform, since we think the last week’s significant sell-off (shares are down 8.8% over the last week) has (re)created an attractive entry point. The shares currently trade at 9.7x our 2016E EPS and 93% of 2Q15 diluted book value per share (the specialty peers' medians are 14.1x 2016E EPS and 110% of BVPS), and with equities accounting for only 2.7% of 2Q15 investments and 8.8% of shareholders' equity, we see limited exposure to global equity market weakness."

For an analyst ratings summary and ratings history on XL Group plc click here. For more ratings news on XL Group plc click here.

Shares of XL Group plc closed at $36.79 yesterday.

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