UPDATE: UBS Investment Research Cuts PT to $33 on The Hartford Financial Services Grup Inc; Low Peer Multiples

UBS Investment Research lowers its price target from $36 to $33 on Buy-rated The Hartford Financial Services Grup Inc HIG. UBS Investment Research says, "We reach a ~$23 per share S-O-P fair value (and ~$28 future value), a depressed value due to low current peer multiples and HIG's weak near-term earnings (due to elevated Com'l Markets losses, low interest rates, investments needed for cost savings…); If we were to apply zero value for the variable annuity business, we'd arrive at ~$21/~$26 fair/future value. …PT based on ~(30)% discount to peers' 1.1x P/B on 1Q13E BVPS (ex-aoci), given below-peer ROE; PT above S-O-P, as depressed peer multiples expand materially." HIG closed at $19.66 on Friday.