Chubb price target raised to $264 from $257 at BofA

BofA analyst Joshua Shanker raised the firm’s price target on Chubb to $264 from $257 and keeps a Neutral rating on the shares. Chubb “well exceeded” the firm’s forecast of $4.55 and Street consensus of $5.15 with its Q2 operating EPS of $5.38, noted the analyst, who attributes lower catastrophe losses, greater favorable prior-year development, lower attritional loss ratio in the Global P&C business, and modestly higher investment income for the earnings beat. While EPS forecasts rise on net after integrating Q2 results into the firm’s model, “immaterial upside” to the firm’s updated price target underlies its Neutral thesis.