FBR Capital Reiterates an 'Outperform/Top Pick' on XL Group (XL); Lowering Estimates for Preannounced Catastrophe Losses
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Rating Summary:
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Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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FBR Capital reiterates an 'Outperform/Top Pick' on XL Group plc (NYSE: XL), PT $29.
FBR analyst says, "We are lowering our earnings estimates to account for XL's preannounced quarter-to-date pretax catastrophe loss estimates of between $50 million and $75 million, net of reinsurance and reinstatement premiums. In particular, we are lowering our 2Q11 operating EPS estimate to $0.42 from $0.62 and reducing our 2011 estimate to $1.10 from $1.30. Our 2012 forecast remains unchanged. We are reiterating our rating and price target (based on a 0.9x multiple to 2Q12E book value), as valuation at 0.7x book value remains attractive for a franchise that is poised to improve ROE from initiatives laid out at the recent investor day and to benefit from price hardening in the reinsurance market. XL remains an FBR Top Pick."
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 $21.35 yesterday.
FBR analyst says, "We are lowering our earnings estimates to account for XL's preannounced quarter-to-date pretax catastrophe loss estimates of between $50 million and $75 million, net of reinsurance and reinstatement premiums. In particular, we are lowering our 2Q11 operating EPS estimate to $0.42 from $0.62 and reducing our 2011 estimate to $1.10 from $1.30. Our 2012 forecast remains unchanged. We are reiterating our rating and price target (based on a 0.9x multiple to 2Q12E book value), as valuation at 0.7x book value remains attractive for a franchise that is poised to improve ROE from initiatives laid out at the recent investor day and to benefit from price hardening in the reinsurance market. XL remains an FBR Top Pick."
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 $21.35 yesterday.
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