- Travelers (NYSE:TRV) is lower by 1.3% premarket after a downgrade to Sell from Goldman's Michael Nannizzi. It's the third downgrade in a week for the popular name, which had seen its stock rise as much as about 20% since the election (though it has given back a few points in the new year).
- Also a nice gainer since the election, Allstate (NYSE:ALL) is upgraded to Buy with $82 price target suggesting 12% upside. Nannizzi thinks Allstate stands to reap more benefit from tax reform than peers. He also has confidence in margin expansion this year thanks to aggressive rate-taking actions turning into a tailwind.
- Progressive (NYSE:PGR) is lifted to Neutral from Sell. The company is also well-positioned to benefit from tax reform, and the low duration portfolio should work out in a rising interest rate environment. The stock's premium valuation, however, means only a Neutral rating.
- Source: TheFly