UPDATE: Credit Suisse Initiates Coverage On Travelers Companies On Durable Distribution Adv.

In a report published Wednesday, Credit Suisse analyst Ryan Tunis initiated coverage on

with a Neutral rating and $114.00 price target. In the report, Credit Suisse noted, "We are initiating coverage of TRV with a Neutral rating and a $114 target price, which implies a 12.0x multiple on our 2016 operating EPS estimate, a multiple that's higher than TRV's historical average but that we think is supported by a 8% cash flow yield." Travelers Companies closed on Tuesday at $108.13.