Keefe Bruyette upgraded Travelers (TRV) to Outperform from Market Perform with a price target of $286, up from $275. The company’s 2024 reserve development largely comprised very significant workers’ compensation, personal lines, and fidelity and surety releases, the analyst tells investors in a research note. The firm’s 2025 reserve review points to sustained releases, which boosts its earnings outlook for Travelers.
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