UPDATE: Stifel Nicolaus Upgrades Markel Corporation to Buy

Stifel Nicolaus raises its rating on Markel Corporation

to Buy and establishes a $550 target price following the company's YE11 reserve review. Stifel Nicolaus says, "We're upgrading Markel's shares to Buy from Hold, with a 12-month $550 target price, as our review of its YE11 GAAP and statutory reserves indicates more redundancies, which should drive book value growth and multiple expansion when combined with its premium growth initiatives, equity investments, and consistently conservative culture." MKL closed at $424.50 a share on Tuesday.