Piper Sandler downgrades American Financial Group to Neutral, keeps $129 target

As previously reported, Piper Sandler analyst Paul Newsome downgraded American Financial Group to Neutral from Overweight with a $129 price target. The firm thinks American Financial Group is facing a high-class problem. Its ROE is probably near its cyclical peak and earnings growth will be limited as calendar underwriting margins are likely be to stable into the future, Piper argues.