J.P. Morgan Lowers EPS Estimates on Validus Holdings (VR)

J.P. Morgan is out with its report today on Validus Holdings VR, lowering its EPS estimates. In a note to clients, J.P. Morgan writes, "We are adjusting our 2011-2013 operating EPS estimates for Validus Holdings Ltd following a number of catastrophes in 1Q 2011. Specifically, we are reducing our 2011-2013 operating EPS estimates by $1.81, $0.15, and $0.15 to $1.78, $3.40 and $3.20, respectively. The changes to our estimates reflect New Zealand earthquakes losses of $50 million, Australian flood/Yasi losses of $25 million, and Japan earthquake losses of $120 million in 1Q 2011. Additionally, we lowered share repurchases in 2011 and assumed no improvement in property reinsurance pricing." Shares of VR closed Monday at $31.09, down 0.16% from Friday's close.