12:00 PM EDT, 04/17/2024 (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 $5 to $235, valuing the shares at 11.3x our 2025 operating EPS estimate of $20.75 (raised by $0.80) and at 12.8x our 2024 operating EPS estimate of $18.34 (upped by $0.79), versus TRV's three-year average forward multiple of 12.4x and a peer average of 12.9x. TRV posted Q1 operating EPS of $4.69 versus $4.11, which beat our $4.45 EPS estimate, but lagged the $4.86 consensus view amid 18% higher revenues and 57% higher pretax underwriting profits, despite 33% higher catastrophes. A 22% rise in Business Insurance underwriting profits and a turnaround in Personal Lines underwriting results was offset by 16% lower Bond & Specialty underwriting profits. Though the mixed results temper our view, we expect TRV to post 12% to 14% higher operating revenues in 2024 and 2025 and expect corrective action to improve the Bond & Specialty results. Currently trading at 11.2x our 2024 EPS estimate and yielding 1.9%, we view the shares as undervalued versus peer and historical averages.