Market Overview

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

Related RE
Everest Re Q2 Earnings Miss Estimates, Top Line Strengthens
Can Chubb (CB) Beat on Earnings with Underwriting Acumen?

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.

Posted-In: JP MorganAnalyst Color Price Target Intraday Update Analyst Ratings

 

Most Popular

Related Articles (RE)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters