UPDATE: Credit Suisse Upgrades Hartford Financial Services (HIG) to Outperform

Credit Suisse analyst Michael Zaremski upgraded Hartford Financial Services (NYSE: HIG) from Neutral to Outperform with a price target of $82.00 (from $48.00).

The analyst comments "We are upgrading shares of Hartford to Outperform based on our view that Chubb would be willing to pay a price closer to ~$81.50 (1.60x book value), representing 20% upside to the current share price, and a greater ~25% increase from Chubb’s initial $65 offer. We estimate this $81.50 price would afford Chubb a healthy low double-digit ~13% EPS accretion level (11% when taking into account over $100 million of deal-related amortization expenses, which Chubb currently strips out of its definition of “operating” income), and accelerating its strategic goal of entering the less competitive and highly profitable small-to-medium enterprise P&C space."

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 $68.15 yesterday.

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