The Hanover price target raised to $175 from $162 at Piper Sandler

Piper Sandler analyst Paul Newsome raised the firm’s price target on The Hanover (THG) to $175 from $162 and keeps an Overweight rating on the shares following a “solid beat” in Q3. Piper noted that results were driven by better-than-expected operating income in personal lines underwriting results. The Hanover shares are “inexpensive” and the company is a “sometimes-over-looked” play on the personal lines business with about 40% of its business in personal lines, the firm told investors in a research note.