BofA analyst Joshua Shanker raised the firm’s price target on Travelers (TRV) to $265 from $259 and keeps an Underperform rating on the shares. Q3 EPS of $8.14 “well exceeded” the firm’s forecast of $5.58 and consensus of $6.31,with BofA saying the largest variance with its forecast was better underwriting results within the homeowners’ business. Following the report, the firm’s forward EPS forecasts rise 2.2% and 2.9% in FY26 and FY27, respectively, which it says is predominantly due to a lower share count from share repurchases. However, due to soft market dynamics and increased competition in commercial and personal lines, is sees “more attractive opportunities” elsewhere in its insurance coverage.
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