Hold - Price 21.51 on Feb. 3
by Sandler O'Neill

Our price target falls to 23 from 30 to reflect multiple compression in the group. CINF estimated its year-end book value at $25.75 and declared a 39-cent dividend (unchanged). Book value of $25.75 is approximately $1.50 better than we most recently estimated. Cincinnati Financial has made a number of significant changes to its investment portfolio.notably, reduc[tion] of its financial-sector holdings [to] 12.4% of the portfolio at year-end, versus 56.2% at year-end 2007. CINF is known for consistently increasing its dividend, and it is a break from tradition that it did not do so this quarter. Market cap: $3.5 billion.

Ex-div date: 9/17/2008 Yield: 5.2% PE: 15 PEG 1.54

Cincinnati Financial (CINF) was downgraded from Buy to Hold, Keybanc said. Fundamentals in the company's core markets are deteriorating faster than expected.

6% 9.42

Good Bank stock (i think)

Upgraded by KeyBanc from Hold to Buy

Downgraded by KeyBanc Capital Mkts/McDonald from Buy to Hold