Piper Sandler analyst Paul Newsome raised the firm’s price target on American Financial Group (AFG) to $135 from $129 and keeps a Neutral rating on the shares. The firm notes the company reported a miss versus Piper’s estimates and consensus expectations. The miss was mainly attributable to lower-than-expected premiums and investment income. Better than expected favorable development drove better than expected underwriting results but underlying results were worse than the firm expected.
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