As previously reported, Credit Suisse analyst Ryan Tunis downgraded Chubb (CB) to Neutral from Outperform with a $156 target price. While noting that the integration of ACE Limited (ACE)/Chubb has been successful and positions the latter well for the future, the analyst argues that it is difficult for him to solve for much upside to medium term EPS and shares with the integration coming to a close in Q4. Further, Tunis sees the shares as fully valued and thinks expectations around the company's profitability may need to be adjusted down before a case can be made for harder casualty prices.