Wunderlich Securities Revises AFSI 4Q

Buy-rated AmTrust Financial Services, Inc. AFSI is expected to report 4Q10 and year-end operating results on February 15, 2011, before the market opens, Wunderlich Securities reports. “We are revising our 4Q and 2010 estimates to reflect a slower expense savings on the consolidation of acquisitions,” Wunderlich Securities writes. “Our 4Q10 EPS estimate of $0.57 is lowered to $0.54; 2010E is now $2.20 from $2.23. Our 2011 EPS estimate is reduced to $2.45 from $2.60. Our revised estimates are in line with consensus. “Our forecast excludes gains from life settlements. Investment in life settlements contributed $3.4 million to EPS in 3Q10. We forecast 2010's superior ROE will drive book value up 27% to $12.17.” AmTrust Financial Services closed Tuesday at $18.09.