S&P Reiterates its BUY Rating on Hartford Financial Services, Target Price Reduced

October 29 00:00 2011

New York, October 29 (RainbowNewsLine.com) – Analyst Cathy Seifert of S&P Capital IQ reiterates her BUY rating on the shares of Hartford Financial Services Group (NYSE: HIG), while reducing her estimates for the company. The target price has been reduced from $24 to $22.

Analyst Cathy Seifert, in a research report published yesterday mentions that the EPS estimate for Q3 has been reduced to $0.22 from $0.93, which is set to be release on November 2, reflecting the negative impact of higher claim costs, primarily from weather and catastrophe related events. The EPS estimate for Q4 and 2011 have been reduced from $1.01 to $0.93 and from $3.10 to $2.30, respectively.