KBW Lowers PT To $17 And EPS Estimate From $1.25 To $0.40 On EIG

In a recent report, Keefe, Bruyette & Woods have lowered price target to $17.00 and EPS estimate from $1.25 to $0.40 on Employers Holdings EIG due to deteriorating loss trends. In the report, KBW said, "EIG reported a 1Q11 miss on weaker underwriting results primarily due to deterioration in California workers' compensation loss trends." EIG closed yesterday at $16.53.