MKM Partners Raises Price Target on Hartford Financial (HIG) to $55
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Rating Summary:
20 Buy, 12 Hold, 0 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 43
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MKM Partners reiterated a Buy rating on Hartford Financial Services (NYSE: HIG), and raised the price target to $55.00 (from $50.00), following the company's presentation at the Goldman Sachs conference.
Analyst Harry Fong commented, "Hartford Financial said on Wednesday, December 7 at the Goldman Sachs conference that it expects a prior year reserve adjustment, principally for accident year 2015 in the range of about $50 million pre-tax, attributed 60% to Commercial Lines and 40% to Personal Lines. The adjustments were due to its year end reserve studies for auto bodily injury losses for both personal and commercial auto. We had modeled zero reserve development. This adjustment will cost the company about $0.10 per share. Accordingly, we are lowering our fourth quarter estimate to $0.90 from $1.00 and our full 2016 year estimate to $3.20 from $3.30. However, we are leaving our 2017 estimate at $3.80."
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 $47.99 yesterday.
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