BofA downgrades Hartford Financial to Neutral following 47% year-to-date rally

As previously reported, BofA downgraded Hartford Financial to Neutral from Buy with a price target of $121, up from $113. Shares are up 47% year-to-date, notes the analyst, who thinks there could be additional upside, but “not enough to justify” a Buy rating. The firm believes the outperformance of P&C underwriter stocks this year has been “largely non-fundamental,” the analyst tells investors.