UPDATE: Goldman Sachs Raises PT to $44 on Validus Holdings on Improving Margins

Goldman Sachs reiterated its Buy rating on Validus Holdings

and increased its price target from $40 to $44. Goldman Sachs said, "We update our estimates for VR following the 3Q conference call. We reiterate our Conviction List Buy as we continue to believe VR is well positioned to deliver above average ROEs, is committed to capital management, and trades at a discount to book value. The company beat our estimates due to better underlying profitability and higher favorable development. We expect the underlying profitability to improve further over time as it will benefit from higher earned rates on premium." Validus Holdings closed at $36.03 on Friday.