UPDATE: JP Morgan Downgrades Endurance Specialty Holdings to Neutral; Investments to Weigh on Margins

Loading...
Loading...
JP Morgan reduced its rating on Endurance Specialty Holdings
ENH
from Overweight to Neutral with a $44 price target. JP Morgan commented, "We had hoped stronger financial performance would follow a string of adverse earnings events (2011 catastrophes, poor 2012 crop results, and portfolio mix shifts); however, we believe the company is entering a period of investment that will mitigate significant short-term earnings gains. As a result, we see little room for financial outperformance, which could keep valuation multiples from expanding materially in the intermediate term despite what we view as a discounted valuation relative to past performance and normalized earnings levels." Endurance Specialty Holdings closed at $40.40 on Wednesday.
Posted In: Analyst ColorDowngradesIntraday UpdateAnalyst RatingsJP Morgan
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...