The stock of Hanover Insurance Group (THG) soared 5.31% in pre-market trading on Wednesday, following positive news from analysts and a major shareholder.
Piper Sandler analyst Paul Newsome reiterated a Buy rating on THG and set a price target of $175, citing the company's strong fundamentals and growth prospects. This bullish analyst call likely contributed to the stock's upward movement.
Additionally, Frasers Group Plc announced an increase in its stake in THG, signaling confidence from a major shareholder. This development could have also boosted investor sentiment towards the stock.
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