BofA lowered the firm’s price target on The Hanover to $158 from $161 and keeps a Neutral rating on the shares. A recent wave of casualty reserve charges persisted in Q2 and companies across the property & casualty, or P&C, sector trued-up liability reserves, including regional peers Cincinnati, The Hanover, and, most notably, Selective, says the analyst, who decreased price objectives across the regional P&C group as recent market turbulence weighs on valuations across the group.
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Read More on THG:
- The Hanover price target raised to $160 from $150 at JMP Securities
- The Hanover reports Q2 EPS $1.88, consensus $1.85
- The Hanover Reports Strong Second Quarter Net Income and Operating Income of $1.12 and $1.88 per Diluted Share, Respectively
- The Hanover Insurance (THG) Q2 Earnings Cheat Sheet
- The Hanover price target raised to $160 from $152 at BofA