Model update: remain Neutral
We are updating our HIG model to reflect Q2 results, revenue trends and detailed commentary from management. As a result, our FY18 EPS forecast increases by 1.1% as the strong Q2 result flows through into our FY18 forecasts. However, we have lowered our FY19 EPS by 0.3% due to the removal of any share repurchases in 2H18. Given the relatively modest adjustments to our forecasts we have kept our price target at $56. From a recommendation perspective, the improving operational trends are offset by uncertainty in Workers' Compensation claims trends as well as timing for the resumption of the buyback. Hence we retain our Neutral recommendation.Hartford Financial Services Group is a holding company. Through its subsidiaries, the company provides property and casualty insurance, group benefits insurance and services, and mutual funds and exchange-traded products. The company has five segments: Commercial Lines, which provides automobile, property, general liability, and marine coverages; Personal Lines, which provides automobile and homeowners coverages; Property and Casualty Other Operations, which provides group life, group disability, and other products; and Hartford Funds, which provides mutual fund, exchange-traded products, and Talcott Resolution life and annuity separate accounts.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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