HSBC downgrades Chubb to Hold on pricing pressure

HSBC downgraded Chubb (CB) to Hold from Buy with a price target of $300, down from $317. The firm sees pricing pressure in the company’s commercial property keeping investor interest subdued. Downward momentum in pricing is likely to make cycle management more difficult, the analyst tells investors in a research note. HSBC believes that unless the macro environment deteriorates materially, Chubb’s defensive attributes are unlikely to be a major draw for investors.