UPDATE: Credit Suisse Initiates Coverage On Chubb On Multiple Positive Factors

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

with an Outperform rating and $116.00 price target. In the report, Credit Suisse noted, "We are initiating coverage of CB with an Outperform rating and a $116 target price. Our target price assumes that CB can trade at 12.0x our estimate of 2016 operating earnings (adjusted to include limited partnership income) and includes $7/share of value for our estimate of its $14/share excess capital position." Chubb closed on Tuesday at $101.10.