As previously reported, Janney Montgomery Scott downgraded The Hanover (THG) to Neutral from Buy with a $176 fair value estimate. Q3 operating EPS beat consensus by 53c and the firm’s estimate by 54c, which largely reflects better-than-expected underwriting results. While the firm raised its 2024 operating EPS estimate to $11.50 from $11.00, largely to reflect the Q3 beat, it notes that it maintained its 2025 and 2026 operating EPS estimates of $13.60 and $14.80, respectively. The shares have returned 40% over the last 12 months and while the firm expects the stock to continue to perform well, it does not see “outsized returns relative to peers or the market overall,” the analyst tells investors.
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Read More on THG:
- The Hanover downgraded to Neutral from Buy at Janney Montgomery Scott
- The Hanover price target raised to $177 from $165 at Oppenheimer
- The Hanover price target raised to $175 from $162 at Piper Sandler
- The Hanover Insurance Group Reports Strong Earnings
- The Hanover price target raised to $175 from $160 at JMP Securities
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
