Wells Fargo downgraded Travelers (TRV) to Underweight from Equal Weight with a price target of $217, down from $256. The firm sees potential further general liability reserve additions, tougher margin comps in 2025, and an “overall cautiousness” within the commercial lines space given elevated loss cost trends. It views Travelers shares as “more than fully valued” saying the company should see margin and reserve volatility in 2025.
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