UPDATE: JP Morgan Raises PT to $75 on Travelers on Raised Q3 Estimates
JP Morgan reiterated its Neutral rating on Travelers (NYSE: TRV) and raised its price target from $62 to $75.
JP Morgan said, "We are updating our EPS estimates for Travelers to reflect a number of factors. Specifically, we are raising our 2012 FY EPS estimate by $0.37 to $6.35 to reflect an upward revision to 3Q EPS estimate ($1.49 from $1.13) due to lower than average catastrophe loss experience (we now estimate $90.0 million pretax losses versus $296.7 million previously) and modestly stronger alternatives. In addition, we have raised our average repurchase price assumption, resulting in a slightly higher share count."
Travelers closed at $68.26 on Friday.
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