Deutsche Bank Upgrades Cincinnati Financial (CINF) to 'Hold' Following Share Price Decline

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Deutsche Bank upgraded Cincinnati Financial (NASDAQ: CINF) from Sell to Hold, price target lowered by $1 to $23.00.

Deutsche analyst says, "Shares of Cincinnati Financial fell 11% during the 8/4-8 market plunge. Including the dividend, we believe downside is less than 5% (at these market levels), following the 8/9 market rally. Further, while CinFin's recent decline was in-line with the S&P 500's 3-day decline, it outperformed financials over that stretch. The stock now trades at 86% of 3Q11 book, a fair valuation for a company whose results have correlated with the market, albeit at a lower beta."

For more ratings news on Cincinnati Financial click here and for the rating history of Cincinnati Financial click here.

Shares of Cincinnati Financial closed at $24.05 yesterday, with a 52 week range of $23.65-$34.33.

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