Piper Sandler upgraded The Hanover to Overweight from Neutral with a price target of $153, down from $155. The stock has fallen since the company’s “tough” Q1 results, mainly due to its personal lines unit, the analyst tells investors in a research note. The thinks The Hanover’s valuation is “now compelling enough for an Overweight.” The stock is trading at 10-times forward earnings versus mid-cap peers close to 13 times, says Piper.
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