American Financial Group price target raised to $150 from $135 at Piper Sandler

Piper Sandler raised the firm’s price target on American Financial Group (AFG) to $150 from $135 and keeps a Neutral rating on the shares following quarterly results. The firm highlights a worse than expected result driven by higher-than-expected catastrophe losses and less than expected favorable reserve development. The underlying combined ratio was better than Piper projected.