KBW Raises PTP PT To $41

Keefe, Bruyette & Woods has issued a report raising the Price Target of Platinum Underwriters Holdings PTP to $41 a share. According to the report, “PTP reported a 1Q11 ROCK of [$(4.20), $(4.25), $(4.68), $(5.20)]. Results beat our expectations driven by lower cat losses, higher reserve releases, and higher investment income, partially offset by a weaker current AY loss ratio and lower premium volume, while BVPS declined 8% sequentially to $43.75.” PTP has a Market Perform Rating and closed at $37.42 a share yesterday.