Travelers price target raised to $322 from $320 at Piper Sandler

Piper Sandler raised the firm’s price target on Travelers (TRV) to $322 from $320 and keeps an Overweight rating on the shares following quarterly results. The firm notes all segments did better than it expected, but personal lines did much better. The stock price reaction suggests investors are more concerned about the slow top line growth that suggests Travelers is sacrificing growth for profits, Piper adds. The firm believes additional share repurchase should help the bottom line.