Barclays Maintains an 'Overweight' on PartnerRe (PRE); Reducing EPS For 4Q11 Catastrophe Losses
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Price: $19.75 +0.25%
Rating Summary:
4 Buy, 18 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 18 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Overweight' on PartnerRe (NYSE: PRE) price target of $66.00.
Barclays analyst says, "PRE announced 4Q11 catastrophe losses, including an increase in its Japan earthquake loss estimate and losses from Thailand floods. We believe investors should be braced for negative pre-announcements for the rest of the Bermuda insurers and reinsurers."
"We are reducing our 2011 operating EPS estimate for PRE to a loss of $6.56 from a loss of $4.82 due to 4Q11 cat losses. Our updated 4Q11 estimate assumes PRE reports a $100mn Thailand flood loss based on a $10bn industry loss, although our updated earnings outlook could be at risk if industry insured losses are higher."
Barclays note - The P&C insurance industry is increasingly likely to report $100bn of global insured catastrophe losses in 2011, which adds to continued upward pricing pressure.
For an analyst ratings summary and ratings history on PartnerRe click here. For more ratings news on PartnerRe click here.
Shares of PartnerRe closed at $62.42 yesterday.
Barclays analyst says, "PRE announced 4Q11 catastrophe losses, including an increase in its Japan earthquake loss estimate and losses from Thailand floods. We believe investors should be braced for negative pre-announcements for the rest of the Bermuda insurers and reinsurers."
"We are reducing our 2011 operating EPS estimate for PRE to a loss of $6.56 from a loss of $4.82 due to 4Q11 cat losses. Our updated 4Q11 estimate assumes PRE reports a $100mn Thailand flood loss based on a $10bn industry loss, although our updated earnings outlook could be at risk if industry insured losses are higher."
Barclays note - The P&C insurance industry is increasingly likely to report $100bn of global insured catastrophe losses in 2011, which adds to continued upward pricing pressure.
For an analyst ratings summary and ratings history on PartnerRe click here. For more ratings news on PartnerRe click here.
Shares of PartnerRe closed at $62.42 yesterday.
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