2/10/2010- Morgan Stanley analysts said that they are cutting their 2010 EPS estimate for Hartford Financial (NYSE:HIG) because their fundamental outlook remains clouded.
Analyst Nigel Dally said, "Hartford reported operating EPS of $1.51, $0.02 below our estimate but in line with its guidance range of $1.45-1.60 that it preannounced in January. For 2010, management set guidance at $3.70-4.00, which was below our estimate of $4.05 prior to the release. Furthermore, we believe some of the underlying assumptions behind the guidance range look somewhat aggressive, such as written premium growth and equity market assumptions, making us view the lower end of this range more likely."
Morgan Stanley maintains an "equal weight" rating on the company. The bank sees fiscal 2010 EPS of $3.80, vs. the consensus estimates of $3.97, and fiscal 2011 EPS of $4.05, vs. the consensus estimates of $4.12.
Keywords: Hartford Financial finance Business News stock market
Ticker(s): HIG
