Sterne Agee Raises ESP Estimates on PartnerRe

A report from Sterne Agee raises 2011/12 EPS estimates to $8.65 and $8.70 on PartnerRe (NYSE: PRE). It also reiterates its Neutral rating and $80 price target.

The report states, “Operating EPS was $2.41. This compares to our estimate at $1.45 and Street consensus at $1.34. The beat versus our estimate was driven by better underwriting income ($0.77 benefit), higher NII ($0.19) and a slightly lower effective tax rate ($0.14) partly offset by lower life underwriting income ($0.13) versus our forecast."

PRE closed yesterday at $62.22.