Oppenheimer Raising Target On Chubb (CB)

Oppenheimer & Co. is raising its price target and earnings on Chubb Insurance CB after the insurance provider reported better than expected earnings. It has an Outperform rating on shares. In the research note Oppenheimer & Co. writes, "We are revising our estimates based on our interpretation of CB's 2Q results. Although we are reducing our net 2010 estimates slightly to account for CAT guidance, we are raising our 2011 EPS estimate by $0.43 to $6.15, now almost $0.50 above consensus. In particular, we expect that loss trends—and thus accident year loss picks within the specialty line—are moving in the right direction and development continues to roll in. These trends don't usually coincide, but when they do, shareholders should benefit. Chubb has ample capital and financial flexibility, another lever that Chubb has only recently starting pulling on. We reiterate our Outperform rating and move up our new price target to $66 from $65." Shares of Chubb are down 62‎ cents to $53.41.