S&P Capital IQ Downgrades Chubb From Strong Buy to Buy

October 21 00:00 2011

NEW YORK, October 21 (RainbowNewsLine.com) – Analyst Cathy Seifert of S&P Capital IQ downgrades the shares of Chubb Corp. (NYSE:CB) from STRONG BUY to BUY, while reducing her estimates for the company. The target price is set to $73.

Analyst Cathy Seifert, in a research note published yesterday mentions that the EPS estimate for Q3 is lowered from $1.33 to $0.85 as the company is likely to report higher storm/catastrophe related claims. Although CB is still seen as a top tier underwriter, the shares have risen 16% in last two months warranting a downgrade, the analyst says. The EPS estimate for 2011 has been reduced from $5.67 to $5.19.