UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on American Equity Investment Life Holdings

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on American Equity Investment Life Holdings AEL, but slightly lowered its price target from $13.50 to $13.00. Jefferies noted, “AEL reported $0.34 of operating income per diluted share, below both the Street and JEFe. The majority of the miss to our estimate was due to unanticipated legal reserves and higher than expected DAC unlocking. Spread compression remains the primary headwind for the company.” American Equity Investment Life Holding closed on Tuesday at $11.27.