Travelers upgraded to Outperform from In Line at Evercore ISI

Evercore ISI analyst David Motemaden upgraded Travelers to Outperform from In Line with a price target of $220, up from $183. He believes stronger than expected earnings power will be more apparent moving through 2023, driven by more exposure to a re-acceleration in commercial property rates and the potential for more to fall to the bottom line given less reliance on reinsurance. He also sees an improving personal auto story at Travelers in late 2023, but more in 2024, Motemaden added.