BofA raised the firm’s price target on Travelers to $265 from $241 and keeps an Underperform rating on the shares. Travelers’s Q3 EPS exceeded the firm’s forecast of $3.45 and consensus of $3.63, which the firm sees as principally driven by better-than-expected homeowners’ margins and higher net favorable prior-year loss reserve development. The firm’s Q4 EPS forecast rises on a higher expectation of alternative income due to a strong Q3 equity market, though its 2025 and 2026 EPS changes are “negligible” and it still sees limited upside to its revised price target the analyst tells investors.
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