UPDATE: Stifel Nicolaus Upgrades Validus Holdings to Buy, Establishes $38 PT

Stifel Nicolaus raises its rating on Validus Holdings, Ltd VR to Buy from Hold and establishes a price target of $38 per share on opportunities in the reinsurance market. Stifel says, “The property reinsurance and CAT market appears to be poise for continued acceleration in pricing and, thus lie the growth opportunities for VR.Moreover, its recent foray into the retrocession market via its AlphaCat side car positions VR even more in the areas of the markets where pricing is strongest. This potential growth, coupled with its historical shareholder-friendly capital management should boost valuation over the next 12 months.” VR closed at $29.74 per share on Thursday.
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