BUZZ-Barclays cuts PT on Travelers to $312

Reuters01-10
BUZZ-Barclays cuts PT on Travelers to $312

** Barclays cuts PT on insurer Travelers TRV.N to $312 from $315

** New PT is still 9.7% upside to stock's last close

** Cites market backdrop is mixed as large account property softens and earned price begins to converge toward trend

** Pricing pressure is most acute in large account property programs, while TRV’s core Middle Market and Select Businesses remain comparatively insulated by steadier rate and retention dynamics, brokerage says

** Adds personal insurance showed meaningful improvement, with auto benefiting from favorable frequency and moderating severity in bodily injury and vehicle coverage

** 8 of 28 brokerages rate the stock "buy" or "higher", 18 "hold" and 2 "sell"; their median PT is $304

** Including session's move, TRV up 16.4% in last 12 months

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com))

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