Piper Sandler analyst Paul Newsome upgraded Travelers (TRV) to Overweight from Neutral with a price target of $310, up from $259. The firm increased earnings estimates following the Q4 report and now thinks the stock is inexpensive. Travelers’ results suggest the the company’s “excellent” margins in commercial lines are probably more sustainable than once thought. At the same time, the recovery of personal lines profitability is happening faster than expected, the analyst tells investors in a research note.
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