Travelers price target lowered to $250 from $253 at Evercore ISI

Evercore ISI lowered the firm’s price target on Travelers to $250 from $253 and keeps an Outperform rating on the shares. The firm was “surprised at the stock reaction despite the run into the print” as it believes concerns on lingering GL reserve issues have been circulating since the 10K reserve disclosure and should continue to be offset by comp releases. The firm, which tweaked up estimates by about 1% to reflect better auto results, offset by worse prior year development in BI, think the stock’s reaction is overdone and would be buyers on weakness as it still sees upside to consensus EPS, “at a now derisked valuation,” the analyst tells investors.