UBS Maintains a 'Buy' on Hartford Financial Services (HIG); Investor Day Dampens Outlook
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Price: $138.02 +0.15%
Rating Summary:
18 Buy, 16 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
18 Buy, 16 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Buy' on Hartford Financial Services (NYSE: HIG) price target lowered from $38 to $36.
UBS analyst said, "'12 Guidance for EPS of $3.30-3.60, ROE of ~8%; $0.80-0.85 4Q run-rate a) $0.51-0.57 4Q11 EPS guidance includes ~$(0.24) of prior period workers’ comp (WC) reserve development, and $(0.04) Hartford Financial Products goodwill write-off. b) 2012E EPS includes $(0.08) from DAC accounting change, vs. mgmt est of “breakeven” on 3Q11 call. c) 2012E ROE guidance of 7.7-8.3% (including “ongoing” ops at 10%+), down from mgmt’s 11% guidance at April 2010 Investor Day. d) Buybacks to begin in near future and $500M completed
b.y early 2Q12. e) Expense cut target of $300M in ’12 (up from earlier $200M) and $450M in ’13."
UBS lowers FY11 EPS estimate from $2.18 to $1.82 and FY12 from $3.86 to $3.48.
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 $17.20 yesterday.
UBS analyst said, "'12 Guidance for EPS of $3.30-3.60, ROE of ~8%; $0.80-0.85 4Q run-rate a) $0.51-0.57 4Q11 EPS guidance includes ~$(0.24) of prior period workers’ comp (WC) reserve development, and $(0.04) Hartford Financial Products goodwill write-off. b) 2012E EPS includes $(0.08) from DAC accounting change, vs. mgmt est of “breakeven” on 3Q11 call. c) 2012E ROE guidance of 7.7-8.3% (including “ongoing” ops at 10%+), down from mgmt’s 11% guidance at April 2010 Investor Day. d) Buybacks to begin in near future and $500M completed
b.y early 2Q12. e) Expense cut target of $300M in ’12 (up from earlier $200M) and $450M in ’13."
UBS lowers FY11 EPS estimate from $2.18 to $1.82 and FY12 from $3.86 to $3.48.
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 $17.20 yesterday.
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