As previously reported, Credit Suisse downgraded Hartford Financial to Neutral from Outperform and increased its price target to $53 from $51. Analyst Ryan Tunis said shares have rerated since the election, partially on optimism around a potential sale of the run-off life unit, Talcott. Tunis thinks potential tax refrom makes Hartford less likely to sell Talcott as getting rid of AMT would accelerate Hartford's ability to realize cash value of the nearly $2B of DTA from NOLs that reside in Talcott. Further, the analyst believes there are two or three quarters of net positive reserve activity are needed for the stock to discount the idea of improved underwriting, which is unlikely in 2017 following Hartford's announcement that there is further adverse development in auto coming in the fourth quarter.