UPDATE: Bank of America Lowers Platinum's PO
According to a research report published earlier today, Bank of America has decreased Platinum's (NYSE: PTP) PO from $39 to $38.
In the report, Bank of America said, “Due to a lower-than-expected book value and reduced EPS expectations, we are reducing our price objective by $1 per share to $38, which equates to 70% of the estimated year-ahead book value. The discount to book value may appear conservative, but is reflective of an estimated 7% year ROE for next year.”
Bank of America maintains its Underperform rating on Platinum, which is currently trading at $36.07.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.