Chubb Corporation (CB) PT Lowered to $294 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods lowered the price target on Chubb Corporation (NYSE: CB) to $294.00 (from $297.00) while maintaining a Outperform rating.

The analyst commented, "We maintain our Outperform rating on CB’s shares and lower our 12-month target price to $294 (12.5x our updated 2025E EPS) from $297 following its 1Q24 earnings report and conference call. We lower our 2024E/2025E EPS to $21.45/$23.50 from $21.60/$23.75, assuming lower near-term NWP growth, higher core loss and expense ratios, and lower life segment income, partially offset by bigger 2024E reserve releases and higher investment income. We expect CB’s solid organic and inorganic growth and continuing core underwriting margin expansion — underpinned by sustained strong P&C pricing — to drive outperformance over the next 12 months."

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