FBR Capital Upgrades Hartford Financial Services (HIG) to Outperform; Taking the Stag by the Antlers
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Price: $138.61 -0.25%
Rating Summary:
18 Buy, 16 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 9 | New: 13
Rating Summary:
18 Buy, 16 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 9 | New: 13
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FBR Capital upgraded Hartford Financial Services (NYSE: HIG) from Market Perform to Outperform. PT increased from $32 to $35.
FBR analyst says, "The lack of clarity on the Japan VA runoff has been a major overhang, leaving valuation below 0.60x of BV. Our cash flow analysis demystifies this exposure and implies that HIG should have adequate funding to match policyholder liabilities. With the runoff ring-fenced, we believe HIG has the ability to manage excess capital, supporting a 9.4% ROE by YE12. We revise our 2011E EPS from $4.00 to $3.40, 2012E EPS from $4.20 to $4.05, and introduce our 2013E EPS of $4.30."
For more ratings news on Hartford Financial Services click here and for the rating history of Hartford Financial Services click here.
Shares of Hartford Financial Services closed at $24.72 yesterday.
FBR analyst says, "The lack of clarity on the Japan VA runoff has been a major overhang, leaving valuation below 0.60x of BV. Our cash flow analysis demystifies this exposure and implies that HIG should have adequate funding to match policyholder liabilities. With the runoff ring-fenced, we believe HIG has the ability to manage excess capital, supporting a 9.4% ROE by YE12. We revise our 2011E EPS from $4.00 to $3.40, 2012E EPS from $4.20 to $4.05, and introduce our 2013E EPS of $4.30."
For more ratings news on Hartford Financial Services click here and for the rating history of Hartford Financial Services click here.
Shares of Hartford Financial Services closed at $24.72 yesterday.
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