American Financial Group price target raised to $135 from $132 at BMO Capital

BMO Capital raised the firm’s price target on American Financial Group to $135 from $132 and keeps a Market Perform rating on the shares as part of a broader research note on Property & Casualty Insurance names. The firm notes that while robust yield expectations have been one of the causes for corn/soy/wheat prices to have dropped by double-digit levels since winter/spring planting season, prices are not down enough relative to robust yields to trigger meaningful widespread crop insurance claims, the analyst tells investors in a research note. BMO adds that it is now embedding a 500bps better than “normal” crop insurance profitability forecast for American Financial Group.