UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on The Travelers Companies Following Rate Improvement

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on The Travelers Companies

, and raised its price target from $66.00 to $74.00. Deutsche Bank noted, “We are taking our numbers up following continued rate improvement. Travelers continues to report Business Insurance rate improvement in the 8% range along with pricing improvements in its other lines of business. Retention is only modestly down, and new business generation remains below historical trends. However, we believe that margin expansion can be expected next year, even amidst lower reserve releases. Despite our optimism, our forecasted EPS remains below Street consensus. Hold.” The Travelers Companies closed on Tuesday at $78.65.