Oppenheimer Initiates Hanover Insurance At Outperform

Oppenheimer has published a research report on Hanover Insurance Group THG and has initiated coverage on the company with an Outperform rating. In the report, Oppenheimer writes "We are initiating coverage of The Hanover Group, a domestic provider of personal and commercial insurance, with an Outperform rating and a $60 price target. We believe Hanover's primary point of differentiation is its commitment to helping its agent partners succeed while at the same time rolling out new products, building infrastructure, and updating its technology to extend that commitment far past the company's initial pitch. We think Hanover is uniquely positioned to benefit from its market position between large national carriers that are less focused on cultivating agent relationships and smaller regional carriers that are focused on agent relationships but less committed to product innovation. Our $60 price target implies about 30% upside from current levels." Hanover Insurance Group closed yesterday at $46.57.