Chubb downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Elyse Greenspan downgraded Chubb to Equal Weight from Overweight with a price target of $240, down from $253. Heading into 2024, the firm is taking a more cautious view on the commercial lines sector and as a result, moving to the sidelines on Chubb. Wells believes pricing should get closer to loss trend, which could cause commercial lines insurers to underperform.