J.P. Morgan Updates Estimates on PartnerRe Ltd. (PRE)

J.P. Morgan is out with its report today on PartnerRe Ltd. PRE, updating its estimates. In a note to clients, J.P. Morgan writes, "We are updating estimates for PartnerRe following the Honshu/Tohoku earthquake. Specifically, we are reducing our 2011-2013 operating EPS estimates by $4.78, $0.60, and $0.65 to $0.05, $7.95, and $6.65, respectively, to reflect 1Q 2011 Japan quake losses (assuming losses approach a 1-in-100 net PML) and lower share repurchases in 2011. In addition, our estimates assume no improvement in property reinsurance pricing." J.P. Morgan maintains Overweight and a $91.50 PT on PartnerRe Ltd. Shares of PRE closed Monday at $75.53, down 0.03% from Friday's close.