UPDATE: JP Morgan Raises PT to $38.50 on Validus Holdings on Raised Fiscal Year Estimates

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JP Morgan reiterated its Overweight rating on Validus Holdings
VR
and raised its price target from $35 to $38.50. JP Morgan said, "We are updating our EPS estimates for Validus Holdings
OW
to reflect a number of factors. Specifically, we are raising our 2012 FY EPS estimate by $0.89 to $4.97 to reflect an upward revision to 3Q EPS estimate ($1.48 from $0.54) due to lower-than-average catastrophe loss experience (we now estimate $29.9 million pretax losses versus $117.1 million previously) and higher fee and affiliate income. Note that our 3Q EPS assumptions include $18.0 million of crop insurance-related losses (on a pretax basis)." Validus Holdings closed at $33.913 on Friday.
Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsJP Morgan
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