J.P. Morgan Neutral On PartnerRe

J.P. Morgan Chase & Co. is out with a research report on PartnerRe Ltd.

and it has a Neutral rating and a $76 price target on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "After the close, PartnerRe (PRE: N) updated its net 2Q catastrophe loss estimate to $89 million from its prior range of $50-$70 million (albeit a dated prior announcement). Additionally, the company expects to incur adverse prior period development from 1Q catastrophes of $59 million. As a result, we are increasing our 2Q catastrophe load by $23 million to $148 million. Our prior estimate assumed slightly higher current quarter losses, but did not include development on 1Q events. Our new 2Q and FY 2011 operating EPS estimates are reduced by $0.31 each to an EPS of $0.29 and per share loss of $6.16, respectively." Shares of PRE gained 76 cents yesterday to close at $68.38.