Travelers price target raised to $240 from $218 at HSBC

HSBC raised the firm’s price target on Travelers to $240 from $218 and keeps a Hold rating on the shares. The stock’s valuation appears full and the company still has relatively high exposure to “tail risks” despite a notable reduction year-over-year, the analyst tells investors in a research note. The firm believes rate momentum appears “incrementally downwards,” implying late cycle is taking hold in U.S. commercial lines.