Hartford Financial downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Hartford Financial to Neutral from Overweight with a price target of $91, down from $94. The firm forecasts business trends in the property and casualty sector to be healthy in 2024, but believes the risk/reward in stocks is not compelling. It sees the best value in personal lines stocks given ongoing price hikes and an expected recovery in auto margins. The analyst downgraded Hartford due to a less constructive view on the commercial lines market, a mixed outlook for business trends, and the stocks recent recovery.