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UPDATE: JP Morgan Raises PT to $115 on Everest Re Group on Raised Fiscal Year Estimates

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10 Notable Stocks Trading Ex-Dividend Friday, September 2
Despite Catastrophe Losses, Everest Q2 Results Come In Above Consensus Estimates

JP Morgan reiterated its Neutral rating on Everest Re Group (NYSE: RE) and raised its price target from $105 to $115.

JP Morgan said, "We are updating our EPS estimates for Everest Re to reflect a number of factors. Specifically, we are raising our 2012 FY EPS estimate by $1.60 to $15.91 to reflect an upward revision to 3Q EPS estimate ($4.28 from $2.67) due to lower- than-average catastrophe loss experience (we now estimate $32.3 million pretax losses versus $121.6 million previously) and modestly stronger alternatives. Note that our 3Q EPS assumptions include $27.1 million of crop insurance-related losses (on a pretax basis). In addition, we have raised our repurchase assumptions for the quarter."

Everest Re Group closed at $106.96 on Friday.

Latest Ratings for RE

Jul 2016Keefe Bruyette & WoodsMaintainsMarket Perform
May 2016Deutsche BankMaintainsBuy
Feb 2016Keefe Bruyette & WoodsMaintainsMarket Perform

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