Deutsche Bank Upgrades XL Group plc (XL) to Hold

Deutsche Bank upgraded XL Group plc (NYSE: XL) from Sell to Hold with a price target of $34.00. Analyst Joshua Shanker continues to have concerns but he thinks shares may be finding a bottom.

"Following the reporting of 1Q16 results, it is becoming increasingly possible that current P&C market conditions (pricing trends and investment yields) may prevent XL from achieving a double-digit ROE in the next 2-3 years. While still optimistic, management acknowledged that these factors placed an additional burden on the company not originally contemplated when it proposed a combination with Catlin. Lack of material upside to our target price informs our Hold recommendation," said the analyst.

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 $32.40 yesterday.

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