Cincinnati Financial price target raised to $160 from $140 at Roth MKM

Roth MKM analyst Harry Fong raised the firm’s price target on Cincinnati Financial (CINF) to $160 from $140 and keeps a Buy rating on the shares. The company reported an excellent Q4 operating income of $3.14 per share against the consensus estimate of $1.90, while the calendar year combined ratio was 84.7% with underlying combined ratio was 80.7%, and it is hard to imagine that underwriting can be much better, especially for the underlying combined ratio, the analyst tells investors in a research note.