As previously reported, MKM Partners analyst Harry Fong upgraded Travelers to Buy from Neutral with a price target of $160, up from $130. The analyst notes that while the company missed on Q3 earnings, the discussion at a sell-side event indicated that the miss was driven mainly by the worsening tort environment in commercial auto and general liability. Because of this trend, Fong contends that Travelers has pushed through higher policy rates, which are expected to persist throughout 2020 and into 2021. With a more traditional pricing cycle for P&C insurance and the company's property and casualty rates moving higher, Fong believes that Travelers shares set a "cycle low".