Soleil Securities Maintains Hold For Endurance, CBS and Priceline (ENH, CBS, PCLN)

Endurance Specialty Holdings announced its strong fourth quarter results, exceeding market expectations, which could be attributed to yet another quarter of moderate catastrophe experience and a favorable loss reserve development. Net premiums written dropped by 19% only due to Endurance’s decision to exit the California workers’ compensation market and the UK property market. Soleil maintains its hold rating with an unchanged $40 price target.

As CBS Corp. (NYSE: CBS) is set to report its fourth quarter earnings, Soleil maintains its hold rating with unchanged EPS estimate of $0.25 per share as higher broadcasting profit is expected to be compensated by a higher tax rate and $15 million pre release write-down on CBS’ first film. Conservative projection for 2010 is expected from the management amid the uncertain economic environment and start-up costs at the company’s film division. 2010 EPS estimate is raised by a nickel to $0.85 supported by stronger advertising environment.

Backed by rising bookings on international transaction volumes and falling customer acquisition costs, Priceline.com Inc. (NYSE: PCLN) beat expectations again in the fourth quarter as actual EPS was of $1.99 compared to the estimated $1.67. Following this, with expectations on higher bookings growth, Priceline’s 2010 first quarter EPS estimate is raised to $1.61 from $1.13 and EPS estimate for full year 2010 to $10.79 from $10.26. Hold rating is, however, maintained with the price target raised to $227 from $225.