Wunderlich Securities Reiterates Buy Rating, $23 PT On AFSI

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Wunderlich Securities is reiterating its buy rating and $23 PT on shares of AmTrust Financial Services (NASDAQ: AFSI).“In 2010, AmTrust Financial Services (AFSI) experienced significant premium and book value growth that was driven by strategic acquisitions and investments,” Wunderlich Securities writes. “We believe the company will continue the momentum into 2011 and 2012. We estimate 2011 EPS will rise 8.5% to $2.45. We are introducing a 2012 EPS forecast, increasing 10% to $2.70.“More important, in our opinion, is the growth in book value estimated at 18% in 2011 to $14.16 and 17% in 2012 to $16.54. In addition, the company's ROE should remain far superior to peers, averaging 18% over the next two years.”AmTrust Financial Services closed Friday at $18.29.

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