Tower Group, Inc. (TWGP) Maintains Buy Rating
By Benzinga Staff
March 19, 2010 8:06 AM
March 19, 2010 8:06 AM
Symbols: TWGP
Posted in: Analyst Color, Analyst Ratings
Analyst Elizabeth C. Malone at Wunderlich Securities has released an update on Tower Group, Inc. (NASDAQ: TWGP).
Tower Group announced a $100 million share buyback program with its fourth-quarter results. The company also lowered its 2010 EPS guidance. It lowered EPS from $3.30-$3.70 to $3-$3.20. Wunderlich Securities believes that the company is well positioned to recapture higher earnings momentum in the second half of this year.
Tower Group is currently trading at a price to book valuation of 0.8 times 2010 book value of $26.07. Wunderlich Securities has maintained its Buy rating and $27 price target for Tower Group, Inc.
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