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Fly News Breaks for April 22, 2019
TRV
Apr 22, 2019 | 08:08 EDT
MKM Partners analyst Harry Fong raised his price target on Travelers to $140 after its Q1 earnings beat driven by lower than modeled catastrophe losses and "better underlying underwriting results." The analyst also points to the 2% increase in the company's commercial insurance premium renewal rates, which is "slightly better than it has been." Fong contends that Q1 was a "good quarter for Travelers," but also believes that the positives are "reflected in the shares' current valuation", keeping his Neutral rating on the stock.
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