Travelers Upgraded As FBR Believes Stock's Recent Weakness Makes It More Attractive

Travelers Companies was upgraded to outperform from market perform by FBR Capital Markets analyst Randy Binner, who said the recent selloff in the blue-chip insurer's stock has made it more attractive. Binner also raised his stock price target to $119, which is 8.4% above the March 20 record closing high of $109.73, from $107. He believes that his previous concerns about soft market conditions and reserve redundancies are now better reflected in the stock. The stock lost 2.1% since Travelers reported first-quarter results on April 21. The Dow Jones Industrial Average component has lost 1.8% year to date, while the Dow has gained 1.4%.