Travelers price target raised to $345 from $320 at Roth Capital

Roth Capital raised the firm’s price target on Travelers (TRV) to $345 from $320 and keeps a Buy rating on the shares. The firm is citing the company’s Q1 results coming in better than expected largely due to more favorable loss reserve development than modeled, though it also sees Travelers’ underwriting results overall remain excellent with a combined ratio of 88.6% and an underlying combined ratio of 85.3%, the analyst tells investors in a research note.