UPDATE: Bank of America Raises Protective Life's PO
According to a research report published this morning, Bank of America has increased Protective Life's (NYSE: PL) PO from $29 to $31.
Bank of America said in the report, "We are raising our estimates from $3.65 to $3.90 for 2012, from $3.80 to $3.90 for 2013, and from $4.10 to $4.20 for 2014. Our estimates are 3-5% above consensus. We assume a $100 million share buyback in each of the next three years and believe that management will find it difficult to justify acquisitions with PL trading well below book value."
Bank of America maintains its Underperform rating on Protective Life, which closed yesterday at $25.75.
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