Cincinnati Financial price target raised to $130 from $120 at MKM Partners

MKM Partners analyst Harry Fong raised the firm’s price target on Cincinnati Financial to $130 from $120 and keeps a Buy rating on the shares as part of a broader research note on P&C Insurance. The insurance industry is in a "traditional reinsurance-led hard market" which should extend past the upcoming 1/1 reinsurance renewal, the analyst tells investors in a research note. Fong adds that while no one knows when this hard market will end, he believes that industry pricing will remain elevated without any aggressive price cutting for at least another year and possibly longer.