Piper Sandler downgrades Hanover Insurance Group to 'neutral'

Hanover Insurance group

07/11/2022 10:41

** Piper Sandler downgrades property and casualty insurer
Hanover Insurance Group  THG.N  to "neutral" from "overweight";
brokerage's PT of $144 is marginally below the stock's last
closing price 
    ** Says co's near-term prospects are no longer "materially
different" from peers to justify a significant premium 
    ** Adds it expects FY23 EPS of $8 vs consensus estimate of
$11.27; sees FY24 EPS of $10.20, below consensus view of $12.91
    ** "Potentially industry-wide higher reinsurance costs in
2023 could also make achieving margin expansion more difficult"
- Piper Sandler 
    ** Last week, THG reported Q3 adjusted EPS of 99
cents/share, beating Wall Street estimates by a cent, according
to Refinitiv IBES data 
    ** As of last close, shares up 10.13% YTD at $144.33
 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))