The Hanover price target lowered to $150 from $160 at JMP Securities

JMP Securities lowered the firm’s price target on The Hanover to $150 from $160 and keeps an Outperform rating on the shares. JMP Securities expects Q3 results to be highlighted by elevated mark-to-market headwinds on investment portfolios, while catastrophe loss activity will impact the market unevenly with primary companies bearing the brunt of the losses, the analyst tells investors in a research note. Forward-looking commentary on inflation, loss costs, pricing, and margins is likely to garner more focus than the quarter itself, the firm contends.