Chubb downgraded to Hold from Buy at HSBC

HSBC analyst Vikram Gandhi downgraded Chubb to Hold from Buy with a price target of $270, down from $275. The analyst says rate momentum appears “incrementally downwards,” implying late cycle is taking hold in U.S. commercial lines. Persistent social inflation risks mean further margin expansion is “tough to come by,” the analyst tells investors in a research note.