UPDATE: Goldman Sachs Downgrades Validus Holdings to Limited Upside in Near-Term
Goldman Sachs downgraded Validus Holdings (NYSE: VR) from Conviction Buy to Neutral and lowered the price target from $43.00 to $40.00.
Goldman Sachs noted, "We remove the shares of VR from the Americas Conviction List and the Americas Buy List and downgrade them to Neutral after 4Q12 earnings and our reduction in out-year estimates. We expect VR to be in a “holding pattern” as premiums are unlikely to pick up until the company tests midyear renewals and we expect capital deployment could be slow until then. Our lower estimates primarily follow a decline in expected premiums. Since being added to the Conviction List and Buy List on January 26, 2012, VR shares have increased 15.0% versus a 14.6% increase for the S&P 500."
Validus Holdings closed at $36.60 on Tuesday.
Latest Ratings for VR
|Jun 2016||JP Morgan||Initiates Coverage on||Overweight|
|May 2016||Bank of America||Upgrades||Underperform||Neutral|
|Oct 2015||JMP Securities||Maintains||Market Outperform|
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