Better Late than Never? Citi Downgrades Hartford Insurance Group

Citigroup downgraded its rating on Hartford Insurance Group (HIG) this morning from a buy to a hold after the analyst said that the company is facing a "meaningful management vacuum." Looking at the analyst's record on HIG shows that the downgrade is, to put it lightly, a little late. As shown below, as HIG sank from over $100 down to its current level of $14, the analyst maintained his buy rating on the stock. If you liked it at $100, how could you not like it at $14?

To be fair, in looking at this analyst's record on the other stocks he covers, according to Bloomberg, of the 26 stocks he follows, he is ranked among the top analysts for 15 of them.

Comments

[Larry House:]

I think it is ironic that Citi would downgrade anyone since Citi is in such a precarious position itself.

Jun 09 02:46 PM

[User 428681:]

Now this analyst is making a bad call worse by downgrading in front of a significant rebound.

I think this stock has an easy ride to $30 over the next year as the bond and equity markets rebound. The main driver on the stock right now is the value of its investment portfolio. Funny as it sounds, management is not a key issue for the stock at this point in time.

Jun 09 04:48 PM

[satyr:]

I have to agree with the last comment. While I don't know if HIG will have an easy ride to $30, it does appear that there is more upside than downside. As for being the "top analyst" for 15 other stocks, I have no idea what that means. Is that like being dumb instead of dumber? To me, the relevant question is whether I would have made or lost money if I had listened to someone's advice.

Jun 13 02:48 AM

[DaveTheGiant:]

From the way they've treated me and my disability, they are going to be losing customers right and left for the forseeable future. Never mind that they are taking TARP money, which has completely sucked the confidence out of this horse!!! What a bunch of moronic managers. I wouldn't pay $5 for this stock.

Jun 29 05:14 PM