Morgan Stanley Sees XL Group plc 4Q13 Reports as Mixed Ending to Decent Year

In a report published Thursday, Morgan Stanley analyst Gregory W. Locraft reiterated an Equal-Weight rating on XL Group plc XL. In the report, Morgan Stanley noted, “XL is a global specialty insurance platform with an improving ROE. We estimate $650m of excess capital (~7% of equity) to help drive higher shareholder returns via organic growth and buybacks/dividends. Valuation is compelling at 80% of Book Value.” XL Group plc closed on Wednesday at $27.96.