Oppenheimer Revises Navigators Group Operating Estimates

In a report released today, Oppenheimer said that it is revising its 2010 and 2011 Navigators Group NAVG operating estimates to $3.13/share and $3.31/share, respectively. “Third-quarter share repurchases were below our estimate and our revised 4Q10 EPS estimate reflects a higher average share count,” Oppenheimer writes. “In 2011, we expect premium growth from NavTech—the company's first party energy and engineering business—and Navigators Re, in addition to a marginally better combined ratio.” Oppenheimer maintains its Perform rating on Navigators Group, which currently trades at $48.43.