Goldman Sachs analyst Alex Scott upgraded Hartford Financial to Buy from Neutral with an $84 price target, which represents 26% upside. The analyst has a favorable view of reserves and balance sheet strength for longer-tail casualty lines of business. The combination of a multi-year firm market from 2017-2022 for casualty pricing and pandemic-related frequency impacts have left the industry casualty reserves in an overall redundancy, the analyst tells investors in a research note. The firm estimates Hartford’s balance sheet at over 20% redundant, "potentially offering years of favorable book value compounding and underwriting performance."
Published first on TheFly
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