KBW Reduces PRE Target To $91

An EPS loss of $10.82 operating “vs our loss of $11.96 estimate (includes Sunday's preannouncement) with the ‘beat' coming from 16% of reserve release vs our 8% estimate,” KBW wrote in a report regarding PartnerRe Ltd. (NYSE: PRE).

“Book value is now $82.50,” KBW writes. “Buyback was 2.8m (expected 3.0m). Cutting EPS and price target but maintain Outperform rating.”

KBW's PT drops to $91.

PartnerRe closed Monday at $78.45.