Keefe Bruyette analyst Meyer Shields raised the firm’s price target on Hartford Financial to $114 from $108 and keeps an Outperform rating on the shares. The analyst estimates Hartford’s net reserves were overstated by about $1.56B in fiscal 2023, pointing to sustained 2024 and 2025 core reserve release. The firm increased estimates on higher expected core reserve releases and expects “sustained strong profitable premium growth” to drive the shares up over the next 12 months.
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