Chubb, Hartford Get Downgrades After P&C Rally -- Market Talk

Dow Jones10-04 22:47

1047 ET - On the heels of an extended rally among property-and-casualty underwriters, Bank of America says its becoming more cautious on the outlook for commercial P&C stocks and downgrades Chubb and Hartford. In a research note, BofA says that while there could be more upside for Hartford shares, which have led the rally with a 47% gain so far this year, there isn't enough to justify a buy rating, and they downgrade the stock to neutral. As for Chubb, BofA cuts its rating to underperform from neutral, saying the shares trade at a heady valuation despite book-value and EPS growth that tends to lag its peers. Hartford up 0.4% to $117.15; Chubb up 0.2% to $289.07. (colin.kellaher@wsj.com)

(END) Dow Jones Newswires

October 04, 2024 10:47 ET (14:47 GMT)

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