Keefe Bruyette &Woods Downgrades Eastern Insurance Holdings To Market Perform

Keefe Bruyette & Woods is lowering Eastern Insurance Holdings EIHI rating to Market Perform based on current valuation. It is also lowering its 4Q10 and 2010 estimates to reflect lower investment income due to the recent sale of the run-off specialty reinsurance segment. While there is much to like about EIHI, the stock is up almost 50% over the last 12 months and has now surpassed the target price. KBW has a PT of $12 on EIHI EIHI closed Thursday at $12.51