The Hanover initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of The Hanover with an Outperform rating with a price target of $135, up from $60. The firm expects margins to normalize after a few years of negative impacts in large-exposure areas, and thinks the year-to-date performance in shares and current discounted multiple relative to closest peers and historical, normal trading ranges offer an attractive entry point for investors, the analyst tells investors in a research note. The firm also sees favorable long-term trends emerging in key units.