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Fly News Breaks for January 8, 2020
Jan 8, 2020 | 06:04 EDT
Piper Sandler analyst Paul Newsome downgraded Cincinnati Financial to Underweight from Neutral with an unchanged price target of $110. The stock trades at 181% of book value and 25.9 times estimated 2021 earnings, which is well north of peers at 162% and 14.3 times, Newsome tells investors in a research note. The analyst is also concerned that Cincinnati has a "very optimistic" view of its commercial auto insurance business. As such, he thinks the stock's risk/reward is "poor."
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