KBW Raises PT on Montpelier Re Holdings (MRH)

KBW is out with its report today on Montpelier Re Holdings MRH, raising its PT to $21. In its report sent to clients, KBW states, "Results beat on a lower loss ratio driven by higher reserve releases and better current AY results helped by lower cats, with NWP growth stronger but investment income weaker. BV grew 3.6% sequentially to $24.61, helped by higher repurchases. We maintain 2011/2012 EPS, are raising our PT to $21, and remain Market Perform." At the time of posting, shares of MRH were trading at $20.05, down 1.72% from Thursday's close.