UPDATE: JP Morgan Raises PT to $365 on Allegheny Corporation on Updated Q3 Estimates

JP Morgan reiterated its Neutral rating on Allegheny Corporation (NYSE: Y) and raised its price target from $355 to $365.

JP Morgan said, "We are updating our EPS estimates for Alleghany (Y: N) to reflect a number of factors. Specifically, we are raising our 2012 FY EPS estimate by $3.18 to $31.86 to reflect an upward revision to 3Q EPS estimate ($7.73 from $4.73) due to lower than average catastrophe loss experience (we now estimate $20.6 million pretax losses versus $83.9 million previously). We are also lowering our FY 2013-2014 EPS estimates by $0.10 and $0.70 to $23.15 and $24.25, respectively."

Allegheny closed at $344.94 on Friday.

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