Goldman Sachs Reiterates Buy on Travelers

Goldman Sachs is out with a research report on Travelers (NYSE: TRV) and is reiterating its Buy rating and is raising its price target to $65.

In a note to clients, Goldman Sachs writes, "TRV is the most levered carrier to small and mid-sized domestic commercial risks within our coverage, and tone from both CB and TRV regarding this category was positive. Our new TRV estimates are above consensus for 2012 and 2013, and our price target is up $2 to $65. Inside we discuss the opportunity cost of the Direct initiative and why investment income per share could rise in 2012-13 despite low interest rates."

Shares of TRV gained $2.82 on Friday to close at $57.35.