Credit Suisse analyst Michael Zaremski upgraded Cincinnati Financial to Outperform from Neutral with a $110 price target, citing increased confidence the firm's reserve picks are conservative and reserve releases will likely therefore exceed expectations. Following meetings with both Cincinnati Financial's management team and insurance agents who do business with the company, Zaremski believes there are two additional positive points investors do not fully appreciate: The company's ability to "cherry pick" the best risks within its excess and surplus segment given it has a broker license that most of its competitors do not have, and $450M of capital that will be freed up in the coming years as Cincinnati's small but still material life insurance segment is able to free up capital as it adopts to principles based reserving accounting standards.