UPDATE: Sterne Agee Downgrades Alterra Capital Holdings to Neutral, Reiterates $29 PT

In a report published Friday, Sterne Agee Group downgraded its rating on Alterra Capital Holdings Ltd. ALTE from Buy to Neutral, and reiterated its $29.00 price target. Sterne Agee noted, “We are downgrading ALTE to Neutral from Buy given the previously announced acquisition of Alterra by Markel (MKL, $467.67, Not Rated) last month. ALTE shares are currently trading at $29.86 which is slightly above our price target prior to the acquisition of $29.” Alterra Capital Holdings Ltd. closed on Thursday at $29.86.