UPDATE: JP Morgan Lowers PT to $25 on Hartford Financial Services
A report form J.P. Morgan reiterates its Overweight rating and lowers its price target from $27 to $25 on Hartford Financial Services (NYSE: HIG).
The report states, “HIG's third quarter results were disappointing. While one quarter does not indicate a trend, the run-rate earnings power of the company seems to be below our expectations, especially if P&C and group benefits margins do not recover. The stock's valuation appears compelling, but our fundamental outlook for the company remains cautious."
HIG closed yesterday at $18.99.
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