UPDATE: Bank of America Reiterates Buy on XL Group; Raises PT from $26 to $28
Bank of America maintained a Buy rating on XL Group (NYSE: XL) and increases its price target from $26 to $28.
Bank of America wrote, “We are raising our 2012 EPS estimate by $0.30 to $2.30 per share with $0.22 coming from the 2Q beat and the balance mostly coming from an improved outlook for the insurance segment loss ratio. For 2013 and 2014 we have improved our assumption for the insurance underlying loss ratio as well offset by reduced expectations for income from investment affiliates and higher corporate expenses. Net-net, we are raising our 2013 EPS estimate by a dime to $2.40 and our 2014 estimate by a nickel to $2.85 per share.”
XL Group closed at $21.37 on Tuesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Bank of America