Travelers price target raised to $303 from $290 at Keefe Bruyette

Keefe Bruyette raised the firm’s price target on Travelers (TRV) to $303 from $290 and keeps an Outperform rating on the shares. Travelers announced that it’s selling most of its Canadian operations to Definity Financial for $2.4B, the analyst tells investors in a research note. The combination of increasing capital return and little sold earnings imply a higher post-deal return on equity, which should enhance Travelers’ multiple, the firm says.