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Stifel Nicolaus maintained Cincinnati Financial Corporation
CINF with a Buy rating and raised the price target from $45.00 to $50.00.
Stifel Nicolaus noted, "CINF shares currently trade at 132% of book value, a 32% premium to peers that we attribute mostly to its above-average dividend. We expect modest book value multiple expansion as CINF's ROE outlook improves over the next 12-18 months. Our $50 target price represents about 146% of YE13 book value (100% of book value excluding the roughly $15 that we
attribute to its above-peer dividend)."
Cincinnati Financial Corporation closed at $44.40 on Thursday.
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