Market Overview

UPDATE: Sterne Agee Downgrades Alterra Capital Holdings to Neutral, Reiterates $29 PT

Related ALTE
Alterra Capital Announces $0.16 Dividend
UPDATE: Deutsche Bank Downgrades Alterra Capital to Hold on Acquisition

In a report published Friday, Sterne Agee Group downgraded its rating on Alterra Capital Holdings Ltd. (NASDAQ: ALTE) from Buy to Neutral, and reiterated its $29.00 price target.

Sterne Agee noted, “We are downgrading ALTE to Neutral from Buy given the previously announced acquisition of Alterra by Markel (MKL, $467.67, Not Rated) last month. ALTE shares are currently trading at $29.86 which is slightly above our price target prior to the acquisition of $29.”

Alterra Capital Holdings Ltd. closed on Thursday at $29.86.

Latest Ratings for ALTE

DateFirmActionFromTo
Feb 2013Keefe Bruyette & WoodsSuspends
Feb 2013Keefe Bruyette & WoodsSuspendsMarket Perform
Jan 2013Sterne AgeeDowngradesBuyNeutral

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Posted-In: Sterne Agee GroupAnalyst Color Downgrades Analyst Ratings

 

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