UPDATE: UBS Downgrades Validus Holdings (VR) to Neutral
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(Updated - September 23, 2016 8:31 AM EDT)
UBS downgraded Validus Holdings (NYSE: VR) from Buy to Neutral with a price target of $50. Analyst Brian Meredith thinks shares look fairly valued.
"Over the last several years, Validus has reduced its exposure to property catastrophe reinsurance and grown its primary insurance with the purchase of Western World, reducing the volatility of its earnings. We have argued that VR's shares did not appropriately value its high quality Lloyd's operation (Talbot) and shift toward more primary insurance. Since early 2014, VR's shares have re-rated versus its peers, trading in line on a forward P/E and a premium on P/B. We believe that the re-rating story is largely complete and are downgrading the stock to Neutral," said the analyst.
Shares of Validus Holdings closed at $50.98 yesterday.
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