UPDATE: UBS Downgrades Validus Holdings (VR) to Neutral

September 23, 2016 7:05 AM EDT
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Price: $57.18 +0.02%

Rating Summary:
    4 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 16 | New: 12
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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.

For an analyst ratings summary and ratings history on Validus Holdings click here. For more ratings news on Validus Holdings click here.

Shares of Validus Holdings closed at $50.98 yesterday.

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