Citi Maintains 'Buy' Rating on The Hartford Financial (HIG), Drops Price Target to $52
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Citi maintains a 'Buy' on The Hartford Financial (NYSE: HIG), but lowers price target from $73.50 to $52.
Citi analyst says, "Allianz (NYSE: AZ) Takes a Stake — Employing a mix of warrants, convertible preferred and subordinated debt, Allianz took a $2.5 billion stake in The Hartford amid capital adequacy concerns which have led to a sharp decline in the stock. In our view, the move potentially sets up for a potential acquisition down the road. The dilution to existing HIG shareholders will potentially deliver to Allianz a 23% stake in the common. We view the move as a positive as it addresses the recent capital adequacy concerns...Although the company ascribes a large amount of the losses to the financial services sector, it is unclear at this point how the losses are distributed by asset classes such as counterparty exposure preferred, bonds or common."
The Hartford Financial Services Group, Inc. (The Hartford) is a diversified insurance and financial services company.
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