UPDATE: JP Morgan Raises PT to $41 on Platinum Underwriter Holdings Post Model Update
JP Morgan reiterated its Neutral rating on Platinum Underwriter Holdings (NYSE: PTP) and raised its price target from $37 to $41.
JP Morgan noted, "We are updating our EPS estimates for Platinum Underwriters to reflect a number of factors. Specifically, we are raising our 2012 FY EPS estimate by $0.42 to $3.84 to reflect an upward revision to 3Q EPS estimate ($0.77 from $0.34) due to lower than average catastrophe loss experience (we now estimate $5.0 million pretax losses versus $20.1 million previously). Note that our 3Q EPS assumptions include $16.4 million of crop insurance-related losses (on a pretax basis)."
Platinum Underwriter Holdings closed at $40.87 on Friday.
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Tags: JP Morgan