UPDATE: Citi Lowers Price Target on Travelers Companies to $55

According to Citi, Travelers Companies (NYSE: TRV) price target is lowered to $55.

Citi said that CAT modeling firms estimate losses from Irene on US properties ranging from $3B to $6B. “ALL's reported loss est is 10%+ share at the midpoint of this range. We suspect primary carriers will participate in the majority of Irene-related losses.”

Travelers Companies closed yesterday at $49.90.