Travelers price target lowered to $176 from $208 at Piper Sandler

Piper Sandler analyst Paul Newsome lowered the firm’s price target on Travelers to $176 from $208 and keeps a Neutral rating on the shares. The Q2 reports are going to be a mixed quarter for many insurers, the analyst tells investors in a research note. The sector needs to get through what may be a number of earnings pre-announcements before the stocks can recover and reflect the “fairly good intermediate-term prospects for the companies,” says the firm.