Sterne Agee Reiterates Buy Rating, $29 PT on Alterra Capital Holdings Ltd.

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In a report published Wednesday, Sterne Agee Group reiterated its Buy rating and $29.00 price target on Alterra Capital Holdings Ltd. (NASDAQ: ALTE).Sterne Agee noted, “ALTE and MKL announced a merger agreement in which MKL will acquire ALTE for approximately $31 in stock and cash. The purchase price implies a premium of 34% to ALTE's closing price and implies a price to TBV multiple of 1.07x. In our view, this demonstrates value in Bermuda names trading at a significant discount to TBV and we feel the group (particularly those viewed as potential takeouts) should react favorably.”Alterra Capital Holdings Ltd. closed on Tuesday at $23.15.

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