The Hanover upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded The Hanover to Outperform from Market Perform with a price target of $126, up from $125. After a string of disappointing quarters, “too much bad news” is priced into The Hanover’s valuation, the analyst tells investors in a research note. The firm expects the company’s return on equity to revert closer to~13%, pointing out that states like Michigan, where Hanover is overly concentrated, have offered double-digit ROEs over the past 11 years.