JPMorgan upgraded Chubb to Overweight from Neutral with an unchanged price target of $239. The analyst continues to expect commercial lines pricing to slow, but says this is less of a concern at the stock’s current valuation. While not immune, the property and casualty sector is less exposed to concerns such as client withdrawals, credit deterioration, and declines in rates that are weighing on other financials sectors, the analyst tells investors in a research note. The firm considers Chubb to be "more defensive than its peers in a downturn." It finds the stock’s valuation "compelling" at current share levels.
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