UPDATE: Sterne Agee Reiterates on Allied World On Increased Confidence in Growth Strategy

In a report published Thursday, Sterne Agee analyst Dan Farrell reiterated a Buy rating on Allied World (NYSE: AWH) while raising the price target from $118.00 to $122.00.

In the report, Sterne Agee says "We recently held meetings with AWH's CFO, Tom Bradley; Head of US Insurance, Lou Iglesias; and Treasurer & IR, Sarah Doran. We came away with increased confidence in the growth strategy for the insurance business, overall reserve strength, and continued focus on a balanced approach to capital mgmt including repurchase & dividends. While the stock is up recently, it continues to trade at a discount to specialty ins. peers. Raising ests & PT and reit. Buy rating."

Allied World closed on Wedmesday at $110.96.