Travelers price target raised to $297 from $289 at JPMorgan

JPMorgan analyst Jimmy Bhullar raised the firm’s price target on Travelers (TRV) to $297 from $289 and keeps an Underweight rating on the shares as part of a Q3 preview for the property and casualty insurance group. The firm says margins for the insurers and growth for brokers have peaked and will moderate further. However, fundamentals in the business are healthy and sentiment is “downbeat” following the recent stock underperformance, the analyst tells investors in a research note. As such, JPMorgan believes the sector is positioned to outperform.