Goldman Sachs Downgrades Validus Holdings (VR) to Neutral, Removes from Conviction Buy List

February 6, 2013 6:59 AM EST Send to a Friend
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Price: $39.07 -0.33%

Rating Summary:
    5 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 37 | Down: 17 | New: 30
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Goldman Sachs downgraded Validus Holdings (NYSE: VR) from Conviction Buy to Neutral with a price target of $40.00 (from $43.00) after 4Q12 earnings and a reduction in out-year estimates.

"We expect VR to be in a "holding pattern" as premiums are unlikely to pick up until the company tests midyear renewals and we expect capital deployment could be slow until then."

The firm raised FY12 EPS from $3.16 to $3.26, but lowered FY13 from $4.80 to $4.68 and FY14 from $5.35 to $5.05.

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 $36.60 yesterday.


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