Morgan Stanley analyst Michael Phillips said Travelers' Q3 reserve charge "marked a material change from years of releases" and although year-to-date General Liability and Commercial Auto Liability reserve charges of about $370M improves the reserve position, adjusted reserves are still below the midpoint of his range and he believes the risk of continued charges remains. Following the company's Q3 report, Phillips reduced his 2020 EPS estimate on lower reserve development and expected net interest income and he cut his price target on Travelers shares to $125 from $136. He keeps an Underweight rating on the stock.