Travelers initiated with Outperform, named Top Pick at TD Cowen

TD Cowen initiated coverage of Travelers with an Outperform rating and $247 price target. The firm has also named the stock its Top Pick as part of a broader research note on P&C Insurance sector. The company’s solid growth prospects and outstanding risk management appear underappreciated by the Street, and given its diverse customers, Travelers is less reliant on large clients and has a solid reserving history, the analyst tells investors in a research note. Travelers is also better positioned to face rising social inflation, the firm added.