Sterne Agee Reiterates Buy Rating, $28 PT on Hartford Financial Services Group

In a report published Monday, Sterne Agee Group reiterated its Buy rating and $28.00 price target on Hartford Financial Services Group HIG. Sterne Agee noted, “We can't help but be somewhat cautious on HIG shares given 4Q12 backdrop including down equity markets and likely material losses from Hurricane Sandy. That said, we remain bullish longer-term on continued restructuring, material cost saves, positive impacts of pricing in P&C and continued run-off of U.S. VA business which, combined with proceeds from business unit sales, should drive capital management over next few years.” Hartford Financial Services Group closed on Friday at $20.36.