Citi upgraded Chubb to Buy from Neutral with an unchanged price target of $229. The analyst continues to favor property and casualty brokers for their "relative lack of balance sheet risk" versus underwriters. Based on an analysis of reserves, Chubb’s North America charge will prove to be an outlier, creating a buying opportunity as the company will show incremental strength in reserves, the analyst tells investors in a research note. The firm says Chubb also has multiple paths for growth, via U.S. property firmness and in Asia.
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