The Hanover price target raised to $185 from $175 at Citizens JMP

Citizens JMP raised the firm’s price target on The Hanover (THG) to $185 from $175 and keeps an Outperform rating on the shares. The Hanover’s Q1 results reflected better-than-projected favorable permanent partial disability, as well as a better-than-projected ex-catastrophe accident year loss ratio, the analyst tells investors in a research note. The firm believes 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.