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UPDATE: Piper Jaffray Starts XL Group plc (XL) at Overweight

July 13, 2015 4:43 PM EDT
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Price: $1.14 --0%

Rating Summary:
    0 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 10 | New: 10
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(Updated - July 14, 2015 7:07 AM EDT)

Piper Jaffray initiated coverage on XL Group plc (NYSE: XL) with an Overweight rating and a price target of $47.00.

Analyst Daniel Farrell commented, "We are initiating coverage of XL Group with an Overweight rating and price target of $47 based on 11.3x 2017E EPS. We believe the company is positioned to show some of the strongest EPS and ROE improvement within the group given benefits from the Catlin merger (expense reduction and other synergies) and capital management potential. We also think the combined mix of business is more attractive and the increased scale, diversification and ongoing underwriting actions should lead to less earnings volatility over time. The stock trades at a discount to the group on both P/E (10.5x 2016E versus the group at 12.9x) and price to TBV (1.18x versus peers at 1.41x) while 2017E tangible ROE of 11.5% is above peer average at 10.1%."

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 $37.96 yesterday.



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