BofA Securities analyst Joshua Shanker raised the price target on Travelers (NYSE: TRV) to $307.00 (from $283.00) while maintaining a Underperform rating.

The analyst comments "This is a beat vs our estimate of $5.45 and Street consensus of $5.37. The largest variances vs our forecasts include more favorable reserve development ($578mn vs $65mn est.; +$1.90/sh.) and lower catastrophe losses ($518mn vs $939mn est.; +$1.56/sh.), but lower underlying loss experience in both Personal lines (52.7% vs 57% est.; +$0.68/sh.) and Business Insurance (BI, 57.9% vs 60% est.; +$0.44/sh.) also contributed. Net written premium growth of 2.3% including -4.0% in Personal Lines suggests a flattish revenue outlook. Repurchases of $1.3bn exceeded our $1bn estimate."