Travelers price target raised to $240 from $230 at Roth MKM

Roth MKM raised the firm’s price target on Travelers to $240 from $230 and keeps a Buy rating on the shares. The company reported an excellent overall calendar-year combined ratio of 85.8% and an underlying combined ratio of 85.9%, and after three quarters of above-average catastrophe losses, the fourth quarter came in below its historical average, the analyst tells investors in a research note. The firm adds that the better-than-expected earnings for Travelers were chiefly due to better underlying results, not favorable catastrophe comparisons.