TRV - Hartford Financial: The Easy Money Has Been Made (Rating Downgrade)
2024-06-24 07:29:05 ET
Summary
- HIG shares have outperformed the S&P 500 having delivered a 35% total return since my prior Buy rating was issued.
- The company recently reported Q1 earnings which fell short of expectations.
- I expect interest rates to move lower from current levels, which will be a headwind for HIG.
- The move higher in the stock has been driven by a valuation re-rating.
- I view the risk/reward of the stock as fairly balanced at current levels.
Shares of The Hartford Financial Services Group ( HIG ) have delivered a total return of 35% since my initial Buy recommendation, Hartford Financial: 4 Reasons Why I Am Bullish, was published on November 22, 2023. Comparably, the S&P 500 has delivered a total return of 20% over the same time period....
Hartford Financial: The Easy Money Has Been Made (Rating Downgrade)