Wunderlich Securities Reiterates Buy Rating, $37 PT On AHL

Wunderlich Securities is reiterating its Buy rating and $37 PT on Aspen Insurance Holdings Ltd. AHL. “[AHL] reported operating results above expectations for 4Q10 and year end. Full-year 2010 operating EPS were $3.03 on total premiums of $1.9 billion, compared to EPS of $5.16 and premiums of $1.8 billion in 2009. Share repurchases and favorable reserve development added materially to outperformance,” Wunderlich Securities writes. “We believe pricing pressures in AHL's key markets remain. AHL has aggressively addressed the most severe problems in the U.S. market with a reunderwriting effort headed by new management. Our 2011 EPS estimate is increased to $3.75 from $3.70 and we are establishing a 2012 EPS estimate of $4.10. We reiterate our Buy rating and $37 price target.” Aspen Insurance Holdings closed Wednesday at $29.90.