12:30 PM EDT, 03/13/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price on the shares of this property-casualty insurer (recently re-classified from the multi-line sub-industry group) by $10 to $115. Our revised target price values the shares at 10x our 2025 operating EPS estimate of $11.45 (raised today by $0.05) and at 11.4x our 2024 operating EPS estimate of $10.05 (lifted today by $0.15), versus the three-year average forward multiple of 10x and a peer average of 15.3x. At current levels, the shares (which currently yield 1.9%), trade at 8.7x our 2025 operating EPS estimate. We view the shares as undervalued versus peers, and expect HIG's ability to produce operating revenue growth of 8%-12% in 2024 and 2025 (above many peers) and post an improvement in underlying property-casualty underwriting results to provide the shares with a catalyst to close their valuation discount to peers.