Cincinnati Financial price target raised to $116 from $110 at Piper Sandler

Piper Sandler raised the firm’s price target on Cincinnati Financial to $116 from $110 and keeps a Neutral rating on the shares following quarterly results. The firm cites a stronger than expected result driven by lower-than-expected catastrophe losses and a better underlying underwriting margin, but says concerns of less future favorable reserve development raise concerns about future earnings growth.