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.