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Chubb, AXIS Capital downgraded at Goldman; Willis Towers, Everest Re upgraded

Published 11/15/2016, 07:53 AM
Chubb, AXIS Capital downgraded at Goldman; Willis Towers, Everest Re upgraded
  • Downgraded to Neutral from Buy is Chubb (NYSE:CB), with analyst Michael Nannizzi saying the company has been a beneficiary of low interest rates, but with the shares having recently outperformed and rates on the rise, it's a good time to rotate towards other names. The price target is cut to $133 from $140 (last night's close was $126.90).
  • Cut to Sell from Neutral is AXIS Capital (NYSE:AXS), with Nannizzi saying higher inflation could be an outsized negative for the company and pressure margins. The stock's premium valuation, he says, is unsustainable.
  • Upgraded to Buy from Neutral is Willis Towers Watson (NASDAQ:WLTW) as Nannizzi views the recent pullback since Q3 earnings as a buying opportunity. The newly combined company is hard at work at improving margins, he says. The price target is hiked to $131 from $126, suggesting 7.4% upside.
  • Also catching an upgrade is Everest Re (NYSE:RE).

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