KBW Raises ENH Target To $49, Maintains MP Rating

Endurance Specialty Holdings Ltd. ENH reported a 1Q11 ROCK of [$(2.25), $(2.47), $(2.32), $(2.80)], KBW reports. “Results beat on higher reserve releases, offset by weaker current AY results and a higher expense ratio, while cats were as pre-announced and in-line with our model,” KBW writes. “NWP and investment income were each stronger, while BVPS declined 2.3% sequentially to $51.52, above forecast. Raising EPS and PT to $49, but maintain Market Perform.” Endurance Specialty Holdings closed Monday at $44.71.