Goldman Sachs Boosts Price Target On Hartford Financial (HIG), Could Unlock Value With Spin-Off

Goldman Sachs raised its price target on Hartford Financial Services (NYSE: HIG) from $23 to $24 while reiterating its Buy rating. The firm said the door is still open to unlock shareholder value.

As discussed previously, Goldman believes Hartford has several assets that are under-priced but which could be worth notably more as separate entities or in a sale. They see a P&C spin-off generating the most value for shareholders. While challenges like debt structure and constituent approvals remain, the firm said they expect they could be overcome with time.

"We applaud management’s commitment to spend significant time addressing investor inquiries, which leads us to believe management is open to non-traditional methods of enhancing shareholder value – even if they represent a departure from current strategy," the firm commented.

For an analyst ratings summary and ratings history on Hartford Financial Services click here. For more ratings news on Hartford Financial Services click here.

Shares of Hartford Financial Services closed at $20.58 yesterday, with a 52 week range of $14.56-$31.08.

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