UPDATE: J.P. Morgan Initiates Coverage on Alleghany

According to a research report published Thursday, J.P. Morgan has initiated Alleghany Y with a Neutral rating and $355 PT. J.P. Morgan said in the report, "The recent acquisition of Transatlantic Holdings (TRH) provides an operating compliment to the company's historically investment-driven business model without adding more operating volatility. It also provides an international compliment to Alleghany's domestic-focused specialty insurance operations. While we still believe management will add value from its longterm investment approach, we see more of the company's value tied to its operating businesses." Alleghany closed Wednesday at $328.96.