Citi analyst Matthew Heimermann initiated coverage of Travelers (TRV) with a Neutral rating and $291 price target The firm rolled out coverage in North America insurance, expecting pricing and reinvestment tailwinds to ease but for earnings to remain resilient. Citi sees more opportunities for upside in the shares of underwriters relative to brokers. Its top ideas include Arch Capital (ACGL), Aspen Insurance (AHL), Brown & Brown (BRO), Chubb (CB), Ryan Specialty (RYAN) and RenaissanceRe (RNR).
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Read More on TRV:
- Cantor rolls out P&C insurance coverage, sees ‘market in transition’
- Travelers initiated with an Overweight at Cantor Fitzgerald
- Travelers Companies Issues $1.25 Billion in Senior Notes
- Travelers price target raised to $284 from $275 at UBS
- Strong EPS Beat and Effective Risk Management Drive Buy Rating for Travelers Companies