Hartford Financial Services Group Inc. shares may advance to $29 in the next 12 months after the company sold life insurance and retirement units to focus on property-casualty coverage, Goldman Sachs Group Inc. said.
The transactions free capital that can be used for buybacks and debt payments as Chief Executive Officer Liam McGee seeks to cut liabilities tied to variable annuities, Goldman Sachs analysts led by Christopher Giovanni said in a research note Tuesday. They recommend investors buy the shares.
In late New York trading Tuesday, Hartford shares were up 10 cents at $23.92 each.
© Copyright 2014 Bloomberg News. All rights reserved.