FBR Capital Maintains an 'Outperform' on Tower Group (TWGP); Model Update--Lowering Estimates for Preannounced 2Q11 Weather-Related Losses
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Price: $2.23 --0%
Rating Summary:
1 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital maintains an 'Outperform' on Tower Group (NASDAQ: TWGP), PT $33.
FBR analyst says, "We are lowering our earnings estimates to account for Tower's preannounced quarter-to-date pretax severe weather loss estimate of $8 million. In specific, we are lowering our 2Q11 operating EPS estimate to $0.60 from $0.70 and reducing our 2011 estimate to $2.70 from $2.80. Our 2012 forecast remains unchanged. We maintain our Outperform rating and $33 price target, which is based on an approximate 1.2x multiple to 2Q12E book value. Not only is valuation attractive at below book value, but also we continue to believe that a lower impact from DAC, better investment results, expense improvements, and increased."
For more ratings news on Tower Group click here and for the rating history of Tower Group click here.
Shares of Tower Group closed at $23.06 yesterday.
FBR analyst says, "We are lowering our earnings estimates to account for Tower's preannounced quarter-to-date pretax severe weather loss estimate of $8 million. In specific, we are lowering our 2Q11 operating EPS estimate to $0.60 from $0.70 and reducing our 2011 estimate to $2.70 from $2.80. Our 2012 forecast remains unchanged. We maintain our Outperform rating and $33 price target, which is based on an approximate 1.2x multiple to 2Q12E book value. Not only is valuation attractive at below book value, but also we continue to believe that a lower impact from DAC, better investment results, expense improvements, and increased."
For more ratings news on Tower Group click here and for the rating history of Tower Group click here.
Shares of Tower Group closed at $23.06 yesterday.
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