Travelers price target lowered to $182 from $196 at Citi

Citi analyst Michael Ward lowered the firm’s price target on Travelers to $182 from $196 and keeps a Neutral rating on the shares ahead of the Q1 results. The analyst continues to favor property and casualty brokers for their relative lack of balance sheet risk versus underwriters. In commercial lines, the firm points to property pricing firmness and reserve adequacy. In personal lines, Citi is incrementally cautious on auto given the persistence of volatility in loss trends evidenced by recent misses.