01:25 PM EDT, 04/24/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our 12-month target price by $8 to $277, valuing CB shares at 11.7x our '25 operating EPS estimate of $23.70 (raised today by $0.45) and at 12.7x our '24 EPS estimate of $21.76 (upped by $0.41), versus the five-year average forward multiple of 12.7x and a peer average of 13.4x. Q1 EPS of $5.41 versus $4.41 topped our $5.15 EPS estimate and the $5.30 consensus view on 14% higher written premiums (at the upper end of our 10%-15% growth forecast) and improved underwriting results, evidenced by the property-casualty Q1 combined loss-expense ratio of 86.0% versus 86.3%. The personal lines unit had the biggest improvement, with a combined ratio of 87.4% versus 93.9% as higher rates offset claim inflation. Commercial lines deteriorated a bit to 85.9% versus 83.2% on less attractive prior-year loss development. We think this erosion is weighing on the shares today, though we think it's manageable, and view the shares as undervalued versus peers, considering CB's record of above-peer growth and profitability.