As previously reported, Buckingham analyst Amit Kumar upgraded Axis Capital (AXS) to Buy from Neutral and downgraded Arch Capital (ACGL) and Travelers (TRV), both to Neutral from Buy, ahead of Q2 earnings for the insurance/reinsurance space. He believes that Axis' relative discount is no longer justified given positive pricing commentary in reinsurance and E&S markets and his analysis of reserves and he thinks the stock is best positioned to catch up to its peer group, Kumar said in his sector preview note. He raised his price target on Axis shares to $70 from $60. Arch currently trades above its 5 year average multiple to next twelve months consensus book value and he feels the stock is fully priced, said Kumar, who keeps a $38 price target on the stock. In terms of Travelers, Kumar also cites valuation and recommends that investors rotate into Hartford Financial (HIG) given its valuation discount and the fact that it should also benefit from rate increases.