Wunderlich Maintains Buy on Markel (MKL)

Wunderlich is out with its report today on Markel MKL, maintaining Buy and a $475 PT. In a note to clients, Wunderlich writes, "Markel Corp reported 4Q10 and year-end results well above our estimates. Operating EPS increased 49% to $13.44 compared to $9.05 a year ago and our estimate of $4.62. We believe 2010 results highlighted the success of MKL's expansion strategy despite the difficult pricing environment. In addition, conservative reserving contributed significantly to results. In light of these factors, we have raised our 2011 EPS estimate slightly to $18.73 from $18.61 and established a 2012 EPS estimate of $20.64. Our 2011 book value estimate is increased to $345.09/share. Our 2012 book value estimate is $365.74/share. We rate MKL shares a Buy with $475 price target." At the time of posting, shares of MKL were at $410, even with yesterday's close.