UPDATE: JP Morgan Raises PT to $26.50 on XL Group on Updated 2012 Estimates

JP Morgan reiterated its Neutral rating on Allegheny Corporation

and raised its price target from $25 to $26.50. JP Morgan said, "We are updating our EPS estimates for XL Group (XL: N) to reflect a number of factors. Specifically, we are raising our 2012 FY EPS estimate by $0.30 to $2.24 to reflect an upward revision to our 3Q EPS estimate ($0.45 from $0.15) due to lower than average catastrophe loss experience (we now estimate $41.2 million pretax losses versus $135.2 million previously) and modestly stronger alternatives." XL Group closed at $24.03 on Friday.