JP Morgan lowers its rating on Hartford Financial Services HIG to Neutral from Overweight and lowers its price target by $3 to $22, reflecting the company's low ROE, mixed operating trends and limited capital flexibility.
JP Morgan says, " Valuation appears compelling, but we are less confident in management's ability to enhance returns and turn around operating fundamentals. In our view, a sustained low ROE, limited capital flexibility, and poor business trends will preclude material expansion in HIG's P/BV multiple."
HIG closed at $17.56 a share yesterday.
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