UBS Maintains a 'Neutral' on XL Group plc (XL); Raising Estimates on Upside Surprise

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

Analyst, Brian Meredith, said, "1Q12 EPS of $0.52 vs. UBSe of $0.46 and consensus of $0.40...The upside surprise to our estimate came from principally from larger than anticipated loss reserve releases ($0.12) and lower taxes ($0.03), partially offset by higher AYCR x/cats ($0.08)."

"We are raising our 2012E EPS from $2.00 to $2.05, mainly reflecting the 1Q12 earnings beat...Our 2013E EPS of $2.20 (prior $2.15) reflects higher top line growth, slightly improved under writing profitability and lower tax rate, partially offset by lower investment income."

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 $21.33 yesterday.

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