Deutsche Bank analyst Joshua Shanker upgraded Travelers last night to Hold from Sell with a price target of $140, up from $136. While management warned investors six weeks ago to expect headwinds from a challenging environment from tort severity, Travelers' Q3 results were still materially worse than expected, Shanker tells investors in a research note. The company's deteriorating underwriting margins suggest that it is acknowledging losses in its financials earlier than its peers and that its loss picks for recent accident-years are likely more conservative than peers, contends the analyst. As such, he believes Travelers Business Insurance's underwriting margins may be nearing a trough.