ACE Given Buy Rating at Nomura (ACE)
ACE (NYSE:ACE)‘s stock had its “buy” rating restated by equities research analysts at Nomura in a research note issued to investors on Wednesday, Analyst Ratings Net reports. They currently have a $109.00 price objective on the stock, up from their previous price objective of $105.00. Nomura’s target price would suggest a potential upside of 11.45% from the stock’s previous close.
The analysts wrote, “ACE reported a strong 3Q13, with operating EPS of $2.49 beating our $2.13 and the Street’s $2.24. We are seeing meaningful growth and benefit from acquisitions, with ex. crop and F/X premiums up 10.5%. The company-wide combined ratio was an impressive 86.5% and the accident year ex. cats was 89.7%, ahead of our 90.6%. Releases were $210m vs. our $102 estimate. Guidance for 2013 was raised to $8.65-8.90, reflecting the strong 3Q result. This implies a 4Q13 range of $1.70-1.95, before reserve releases. We reiterate our Buy rating. With accelerating premium volumes and stable EPS growth, ACE is proving the value of its position as a global specialty insurer and reinsurer. Over time, we expect ACE to command premium valuations. We are raising our target price to $109 from $105, approximately 1.2x forward book, to reflect the improving growth.”
Shares of ACE (NYSE:ACE) opened at 97.80 on Wednesday. ACE has a one year low of $74.82 and a one year high of $95.60. The stock has a 50-day moving average of $89.98 and a 200-day moving average of $89.68. The company has a market cap of $33.264 billion and a P/E ratio of 10.35.
ACE (NYSE:ACE) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $2.49 earnings per share for the quarter, beating the analysts’ consensus estimate of $2.04 by $0.45. The company had revenue of $4.62 billion for the quarter, compared to the consensus estimate of $4.27 billion. During the same quarter last year, the company posted $1.86 earnings per share. ACE’s revenue was down 2.0% compared to the same quarter last year. Analysts expect that ACE will post $8.63 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks upgraded shares of ACE from a “neutral” rating to an “outperform” rating in a research note to investors on Thursday, October 17th. They now have a $115.00 price target on the stock. Separately, analysts at Miller Tabak downgraded shares of ACE from a “buy” rating to a “hold” rating in a research note to investors on Thursday, October 3rd. They now have a $96.35 price target on the stock, up previously from $91.50. Finally, analysts at Guggenheim initiated coverage on shares of ACE in a research note to investors on Wednesday, September 18th. They set a “buy” rating and a $129.00 price target on the stock. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. ACE has an average rating of “Buy” and an average price target of $105.16.
ACE Ltd (NYSE:ACE) is a holding company of the ACE Group of Companies.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.