Travelers price target raised to $300 from $240 at Roth MKM

Roth MKM analyst Harry Fong raised the firm’s price target on Travelers (TRV) to $300 from $240 and keeps a Buy rating on the shares after its Q3 earnings beat. Many analysts had taken estimates down due to Hurricane Helene, and while Roth did not adjust its estimate, the company’s catastrophe losses were still much higher than its estimate, the analyst tells investors in a research note. The firm adds however that the underlying results at Travelers were much better than Roth or the consensus expected, also boosting its FY24 EPS view by 40c to $18.70.