Market Overview

KBW: We're Upgrading Chubb Corp


In a report published Friday, Keefe, Bruyette & Woods analyst Meyer Shields upgraded the rating on Chubb Corp (NYSE: CB) from Underperform to Market Perform, with a $92 price target. The stock has been the "second worst" performer among large-cap P&C insurers, year-to-date.

"We view Chubb as one of the industry's highest-quality insurers. We attribute much of the underperformance to its former large valuation premium relative to its own historical averages, which we saw as vulnerable to disappointment as primary insurance rate increases subsided," Shields said.

While the EPS estimates for 2015 and 2016 were maintained, the 2017 EPS estimate was introduced at $8.70, reflecting expectations of limited top-line growth, modest increase in the core-loss ration and a gradual fading of favorable reserve development, "offset by eventually-rising investment yields and steady share repurchases (about $1.3 billion annually in 2015-2017)," Keefe, Bruyette & Woods reports stated.

Latest Ratings for CB

Oct 2019MaintainsOutperform
Oct 2019MaintainsOutperform
Aug 2019MaintainsEqual-Weight

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Posted-In: Keefe Bruyette & Woods Meyer ShieldsAnalyst Color Upgrades Analyst Ratings


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