UPDATE: JP Morgan Raises PT to 41 on Platinum Underwriter Holdings Post Model Update

JP Morgan reiterated its Neutral rating on Platinum Underwriter Holdings

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.