Sterne Agee Reiterates Buy Rating, $29 PT on Alterra Capital Holdings Ltd.
In a report published Wednesday, Sterne Agee Group reiterated its Buy rating and $29.00 price target on Alterra Capital Holdings Ltd. (NASDAQ: ALTE).
Sterne Agee noted, “ALTE and MKL announced a merger agreement in which MKL will acquire ALTE for approximately $31 in stock and cash. The purchase price implies a premium of 34% to ALTE's closing price and implies a price to TBV multiple of 1.07x. In our view, this demonstrates value in Bermuda names trading at a significant discount to TBV and we feel the group (particularly those viewed as potential takeouts) should react favorably.”
Alterra Capital Holdings Ltd. closed on Tuesday at $23.15.
Latest Ratings for ALTE
|Feb 2013||Keefe Bruyette & Woods||Suspends|
|Feb 2013||Keefe Bruyette & Woods||Suspends||Market Perform|
|Jan 2013||Sterne Agee||Downgrades||Buy||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.