American Financial Group price target raised to $135 from $129 at Piper Sandler

Piper Sandler analyst Paul Newsome raised the firm’s price target on American Financial Group to $135 from $129 and keeps a Neutral rating on the shares following quarterly results. The firm notes the company reported a better than consensus result, but weaker than it expected. Versus consensus, Piper believes investment income drove the beat. Versus the firm, underwriting results were modestly worse than expected driven by higher catastrophe losses and other expenses were higher than it expected as well.