Travelers price target raised to $226 from $215 at Citi

Citi raised the firm’s price target on Travelers to $226 from $215 and keeps a Neutral rating on the shares as part of a Q1 earnings preview for the commercial property and casualty insurance broker space. Commercial focused underwriters and insurance brokers remain relatively well situated heading into the quarter, says Citi, which prefers brokers given leverage to pricing, and concerns around casualty lines in commercial lines. The analyst believes organic growth and margins for brokers should remain relatively stable, supporting continued outperformance.