Maiden Holdings (MHLD) PT Lifted to $16 at FBR Capital
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Rating Summary:
2 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
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FBR Capital analyst Randy Binner raised his price target on Outperform-rated Maiden Holdings (NASDAQ: MHLD) to $16.00 (from $14.00)
Binner commented, "We recently hosted meetings with MHLD management and institutional investors and came away with positive business updates. Overall, we believe that the market continues to underappreciate the high-frequency/low-severity nature of MHLD’s business, relative to potentially more volatile Bermuda reinsurers, who are also seeing a more competitive pricing environment than MHLD. MHLD has underperformed commercial lines peers by 3% and reinsurers by 8% over the last year, putting shares at ~1.0x book value, under 7x 2015E EPS (where we have a high confidence level), and a 3.7% dividend yield, the highest in our P/C or life coverage.
We maintain our Outperform rating and increase our price target from $14 to $16, which is 1.15x 2015E BV of $13.80 and 9.1x 2015E EPS, multiples we think are easily achievable given our 14%-plus ROE outlook."
For an analyst ratings summary and ratings history on Maiden Holdings click here. For more ratings news on Maiden Holdings click here.
Shares of Maiden Holdings closed at $11.99 yesterday.
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