Argus raised the firm’s price target on Travelers (TRV) to $330 from $295 and keeps a Buy rating on the shares. The company’s Q1 earnings were higher than expected due to lower catastrophe losses and higher net investment income, the analyst tells investors in a research note. Argus adds that it expects Travelers’ margins to improve as the company increases prices on auto and homeowner insurance while maintaining its current retention rates.
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