Morgan Stanley Remains Equal-Weight On HIG

Morgan Stanley, following the release of 1Q11 results is maintaining its Equal-weight rating on Hartford Financial Services HIG. In the report, Morgan Stanley writes, “While we believe Hartford continues to make solid progress in addressing prior challenges and delivering more stable growth, we presently see stronger risk_reward characteristics in other stocks, leading us to remain Equal_weight. Results this quarter showed a sizable headline beat, but in stripping back the various abnormal items, we viewed this as a largely in_line quarter for the company. While challenges with respect to growth and reducing surplus volatility in its Japanese operations remain, our view is that these factors are already adequately reflected in the valuation.” HIG closed yesterday at $28.82.