Piper Sandler analyst Paul Newsome raised the firm’s price target on The Hanover (THG) to $212 from $204 and keeps an Overweight rating on the shares. The firm notes the company reported a beat versus Piper’s and consensus’ mostly driven by better-than-expected underlying underwriting results and favorable development. Growth was slightly lower than expected and the firm expects The Hanover is prioritizing profitability over growth.
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