UPDATE: Deutsche Bank Reiterates on CNA Financial Corp. Following Solid 3Q13 Results
In a report published Wednesday, Deutsche Bank analyst Joshua Shanker reiterated a Buy rating on CNA Financial Corp. (NYSE: CNA), and raised the price target from $42.00 to $44.00.
In the report, Deutsche Bank noted, “CNA's result came ahead of our forecast of $0.79 and Street consensus of $0.76. The delta with our forecast was primarily driven by P&C underwriting results, as both the accident-year loss ratio excl. cats and expense ratio came in approx. 100bps better than anticipated ($0.05 each). Additionally, favorable reserve development $76mm was more than double the $31mm we were modeling (another approx. $0.10). Other items were relatively close to in-line and essentially netted to a minimal positive impact. Buy.”
CNA Financial Corp. closed on Tuesday at $40.61.
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