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