KBW Raises PT on Validus Holdings to $30 (VR)

KBW is out with its report on Validus Holdings VR, raising its price target from $29 to $30. In a note to clients, KBW writes, "Results beat on better underwriting, as a lower ex-cat current AY LR and higher reserve releases more than offset higher cats. NWP, investment income, and expenses each missed projections. BV grew a solid 3% sequentially. We maintain 2011/2012 EPS, are raising our PT to $30 from $29, and remain Market Perform." At the time of posting, shares of VR were trading at $31.21, down 1.51% from Thursday's close.