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JP Morgan reiterated its Neutral rating on Platinum Underwriter Holdings
PTP and raised its price target from #37 to $41.
JP Morgan noted, "We are updating our EPS estimates for Platinum Underwriters (PTP: N) to reflect a number of factors. Specifically, we are raising our 2012 FY EPS estimate by $0.42 to $3.84 to reflect an upward revision to 3Q EPS estimate ($0.77 from $0.34) due to lower than average catastrophe loss experience (we now estimate $5.0 million pretax losses versus $20.1 million previously). Note that our 3Q EPS assumptions include $16.4 million of crop insurance-related losses (on a pretax basis)."
Platinum Underwriter Holdings closed at $40.87 on Friday.
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