UPDATE: KBW Raises PT on W.R. Berkley to $33

KBW is out with its report today on W.R. Berkley WRB, raising its PT to $33. In a note to clients, KBW writes, "Berkley's 2Q earnings beat was driven by better than expected underwriting and alternative investment results. Premium production and investment income were also slightly stronger than expected. We're raising our '11 EPS estimate to reflect the 2Q11 beat, but we're maintaining our '12 EPS estimate. We're raising our target price to $33 and maintaining the Market Perform rating. Currently trading at 1.15 times book, we believe the shares are fairly valued." Shares of WRB closed Thursday at $31.95, down 1.69% from Wednesday's close.