Barclays Reiterates an 'Equalweight' on Chubb (CB); 2Q11 Results Solid Despite Cats; Valuation Above Peers

Barclays reiterates an 'Equalweight' on Chubb Corporation (NYSE: CB) price target raised from $63 to $66.

Barclays analyst says, "CB has a strong franchise as evidenced by solid 2Q11 results including a 10% annualized operating ROE and continued share repurchase activity despite elevated 2Q11 catastrophes losses. However CB's valuation is above peers, and we prefer other high-quality P&C insurers that trade at or below 1x book value such as Ace Ltd (NYSE: ACE) and Travelers (NYSE: TRV)."

"We are raising our EPS for CB to $5.65 from $5.45 (consensus=$5.28) in 2011 and to $5.85 from $5.75 in 2012 (consensus=$5.82) to reflect better than anticipated underwriting results."

For more ratings news on Chubb Corporation click here and for the rating history of Chubb Corporation click here.

Shares of Chubb Corporation closed at $62.56 yesterday.

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