Barclays Reiterates an 'Equalweight' on The Hanover Insurance Group (THG); Lowers FY11 Estimate

Barclays reiterates an 'Equalweight' on The Hanover Insurance Group (NYSE: THG) price target of $40.00.

Barclays analyst said, "We are lowering our 2011 EPS estimate for THG to $1.60 from $1.70 in 2011 to reflect lower-than-expected 2Q11 earnings. No change to our 2012 EPS estimate of $3.60 (consensus=$3.65). Our EPS estimates do not yet include the acquisition of Chaucer, which closed in 3Q11. We expect to adjust our EPS estimates when the company releases pro forma historical results, which could occur by mid-September. Previously, THG said it expects the deal to be 10% accretive to 2012 earnings and ROE, although neutral to modestly accretive in 2011 EPS."

For more ratings news on The Hanover Insurance Group click here and for the rating history of The Hanover Insurance Group click here.

Shares of The Hanover Insurance Group closed at $34.23 yesterday.

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