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Hanover (NYSE: THG) receives rating upgrade from BMO despite reporting net loss in Q2 2023
Summary
Hanover Insurance Group (NYSE: THG) received a rating upgrade from brokerage BMO, leading to a 1.4% increase in its share price on August 31, 2023. BMO Capital Markets upgraded THG from ‘market perform’ to ‘outperform’, while raising its price target on the stock.
As per Refinitiv, THG has an overall mean rating of 2.4 on a scale of one to five. Here, one signifies ‘strong buy’ and five represents ‘strong sell’. Meanwhile, the stock has a consensus mean price target of US$134.17, which is 25.72% higher than its closing price on Thursday.
After the rating upgrade from BMO, the company’s share price rose to US$107.47 on August 31, 2023. At the same time, BMO also upped its price target on THG to US$126, representing an upside potential of 18.07% over THG’s closing price on Thursday.
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