BMO Capital raised the firm’s price target on Travelers (TRV) to $297 from $275 and keeps an Outperform rating on the shares after its Q4 earnings beat. The quarter saw higher investment income and improving profit margins, partially offset by higher catastrophe losses, the analyst tells investors in a research note. Travelers’ earnings multiple currently sits at about 9-times BMO’s EPS estimates, which is a 20% below its historical P/E multiple, the firm added.
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