UPDATE: JP Morgan Resumes Overweight, $35 PT on Validus

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JP Morgan resumes coverage of Validus
VR
with an Overweight rating and a price target of $35 (previously Neutral and $29.50, respectively) on short term opportunity in the stock given momentum in first half of this year. JP Morgan says, "Our rating reflects our belief that the stock offers an attractive 3-6 month trading opportunity for several reasons: 1) VR's core short-tail (re)insurance lines are likely to see bigger headline rate increases into mid-year 2012 than general insurance, especially at April 1. 2) Underlying margins and premium growth should benefit more quickly from rate gains both in absolute terms and relative to our coverage group. 3) Capital management, which was on hold during a 2011 acquisition bid, should resume in 2012." VR closed at #31.78 a share on Monday.
Posted In: Analyst ColorUpgradesPrice TargetIntraday UpdateAnalyst RatingsJP Morgan
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