Susquehanna Reiterates a 'Positive' Rating on Loews Corporation (L); Raises PT
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Susquehanna reiterates a 'Positive' rating on Loews Corporation (NYSE: L), raises price target to $39.
Susquehanna analyst says, "Yesterday, Loews Corporation reported 3Q09 results that were better than expected - with both revenue and net income outperforming our expectations. Book value per share increased to $39.54 at the end of the quarter - up from $34.60 at the end of 2Q09 and $30.73 at the end of 1Q09 - primarily due to further improvements in the company's fixed maturities investments portfolio. Additionally, improved operating performance at subsidiaries CNA Financial, Diamond Offshore Drilling, and HighMount Exploration drove the outperformance at the holding company level. Based on the quarter's strong operating results and the company's high net cash balance at the holding company level, we are raising our price target and reiterate our Positive rating on the stock."
To see more analyst ratings on L Click Here.
Loews Corporation operates as a diversified holding company in the United States.
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