Wunderlich Reiterates Buy on HCC Insurance Holdings (HCC)

Wunderlich is out with its report today on HCC Insurance Holdings HCC, reiterating Buy. In a note to clients, Wunderlich writes, "HCC Insurance Holdings reported 4Q10 operating results yesterday, February 22, after the market close. HCC reported 4Q10 operating EPS of $0.81 compared to $0.70 a year ago. EPS for 2010 totaled $2.95 compared to $3.07 for 2009. HCC's results exceeded our 4Q10 EPS estimate of $0.72, which was in line with consensus. HCC's 4Q10 benefited from favorable reserve development of $0.15. The company provided EPS guidance for 2011 of $2.75 to $3.05. We reiterate our Buy rating and $34 price target on HCC shares." Shares of HCC closed Tuesday at $31.46, down 1.38% from Friday's close.