Morgan Stanley lowered the firm’s price target on Hartford Financial to $107 from $109 and keeps an Equal Weight rating on the shares. On average for the P&C Insurance group, the firm’s Q2 and 2024 EPS estimates decreased 10.6% and 2.2%, respectively, from prior estimates due to higher catastrophe estimates. The firm notes it is also moving down its estimates for reinsurers to better reflect potential losses due to larger catastrophe events. For brokers, the firm moved down its estimates due to higher expenses and the focus on achieving margin expansion.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HIG:
- Hartford Financial downgraded to Neutral from Buy at Citi
- Hartford Financial price target raised to $111 from $105 at Goldman Sachs
- Hartford Financial Announces Board Resignation and New Appointment
- Hartford Financial price target raised to $110 from $104 at Argus
- Hartford Financial price target raised to $116 from $113 at Citi