UBS Maintains a 'Neutral' on XL Group plc (XL); Falling Short Across The Board

UBS maintains a 'Neutral' on XL Group plc (NYSE: XL) price target lowered from $22 to $21.

UBS analyst says, "XL fell short of our estimates across the board, with lower than expected investment income ($0.03), worse attritional combined ratio ($0.08), and losses from operating affiliates ($0.08)...We are reducing our 2012E EPS from $2.20 to $1.85, 2013E EPS from $2.38 to $2.10, and 2014E EPS from $2.65 to $2.40, primarily due to a higher accident year combined ratio (the 2012 change) and a lower investment yield (across the years). Our estimates also reflect the XL’s guidance towards higher operating expenses."

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 $21.01 yesterday.

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