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

JMP Securities raised the firm’s price target on The Hanover to $160 from $150 and keeps an Outperform rating on the shares. Underlying profitability in the Core Commercial and Specialty segments remains strong with ex-catastrophe accident year loss ratios remaining favorable and price increases remaining above loss cost trend, the analyst tells investors in a research note. Hanover is well-positioned, in large part due to decisive actions taken by management several years ago to reduce exposure to troubled classes/geographies/industries and the ensuing favorable frequency trends this created, JMP argues.