Travelers price target raised to $273 from $250 at RBC Capital

RBC Capital raised the firm’s price target on Travelers (TRV) to $273 from $250 and keeps a Sector Perform rating on the shares. The company’s Q3 earnings beat was highlighted by large underlying combined ratio improvement across several units, the analyst tells investors in a research note. Travelers’s Business Insurance reported solid Q3 results even with an asbestos reserve addition, and while catastrophe losses were elevated due to Hurricane Helene impacts, Milton losses were modest and indicative of the company’s lower relative property exposure in Florida, RBC added.