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Fly News Breaks for September 18, 2019
TRV
Sep 18, 2019 | 08:41 EDT
BofA Merrill Lynch analyst Jay Cohen downgraded Travelers to Neutral from Buy based on valuation following a period of multiple expansion and the higher risk he sees of reserve charges in its commercial insurance business in the second half of the year. Cohen cut his 2019 estimates due to expected reserve charges and lowered his price target on Travelers shares to $156 from $165.
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