FBR Capital Reiterates an 'Outperform/Top Pick' on XL Group (XL); Lowering Estimates for 1Q11 Catastrophes
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Price: $1.14 --0%
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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FBR Capital reiterates an 'Outperform/Top Pick' rating on XL Group (NYSE: XL), PT $29.
FBR analyst says, "We are lowering our forward operating earnings estimates for XL to account for the 1Q11 catastrophes, primarily the earthquakes in New Zealand and Japan. In particular, we are cutting our 1Q11 operating EPS estimate to ($0.40) from $0.35 and reducing our 2011 forecast to $1.50 from $2.25. Despite our lower earnings estimates, we remain bullish on the company. Not only will XL benefit from some price hardening in certain lines in the aftermath of the recent earthquakes, but also the company has a strong management team, accelerating premium volume, and the potential for a meaningful amount of accretive share buybacks. Despite the recent runup in the stock, shares are still trading at a discount to its peer group and book value."
For more ratings news on XL Group plc click here and for the rating history of XL Group plc click here.
Shares of XL Group plc closed at $24.60 yesterday.
FBR analyst says, "We are lowering our forward operating earnings estimates for XL to account for the 1Q11 catastrophes, primarily the earthquakes in New Zealand and Japan. In particular, we are cutting our 1Q11 operating EPS estimate to ($0.40) from $0.35 and reducing our 2011 forecast to $1.50 from $2.25. Despite our lower earnings estimates, we remain bullish on the company. Not only will XL benefit from some price hardening in certain lines in the aftermath of the recent earthquakes, but also the company has a strong management team, accelerating premium volume, and the potential for a meaningful amount of accretive share buybacks. Despite the recent runup in the stock, shares are still trading at a discount to its peer group and book value."
For more ratings news on XL Group plc click here and for the rating history of XL Group plc click here.
Shares of XL Group plc closed at $24.60 yesterday.
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