UPDATE: Evercore Partners Lowers PT to $21 on XL Group

Evercore Partners reiterates its Equal-weight rating on XL Group XL and lowers its rating to $21 from $24 on delayed ROE improvement. Evercore Partners says, "We are cautious on Equal-Weight rated XL Group after 4Q11 earnings and are reducing our 2012 and 2013 estimates by 25-35% and price target by 12% to $21 due to lower future stock repurchases and higher expenses. While investment in underwriters and technology should help future growth and improve longer term margins, it will take a few years to pay off and the stock could tread water in the interim." XL closed at $21.01 a share yesterday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsEvercore Partners
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!