Travelers price target raised to $316 from $308 at Cantor Fitzgerald

Cantor Fitzgerald analyst Ryan Tunis raised the firm’s price target on Travelers (TRV) to $316 from $308 and keeps an Overweight rating on the shares. The initial positive stance on insurance brokers appears premature and overly optimistic, as near-term fundamentals are likely to deteriorate before improving. While the subgroup remains interesting, negative consensus organic growth revisions are expected in the interim.