Chubb price target lowered to $266 from $269 at Wells Fargo

Wells Fargo lowered the firm’s price target on Chubb (CB) to $266 from $269 and keeps an Equal Weight rating on the shares. The firm notes Chubb shares traded down post call as lack of full disclosure on reserve movement by line more than offset better pricing in the quarter. Chubb did not break out the adverse development by line on either its call or 10-Q, Wells adds.