KBW Reiterates Outperform on PartnerRe (PRE)

KBW is out with its report today on PartnerRe PRE, reiterating Outperform. In a note to clients, KBW writes, "PRE announced estimated losses from the Japanese earthquake and tsunami of $500 million pre tax ($7.09/share or 7.3% of 4Q10 equity), which is slightly higher than our $480 million estimate ($6.81/share or 7.0% of 4Q10 equity). PRE estimates that industry losses are likely to be in the $25 billion to $30 billion range. As a result of this announcement, we are reducing our EPS estimates, but reiterate our Outperform rating." KBW has a $94 PT on PRE. Shares of PRE closed Wednesday at $94.00.