NEW YORK (TheStreet) -- Shares of Chubb Ltd.  (CB) are up 3.52% to $121.98 Thursday morning as JMP Securities maintains its "market perform" rating and increases its price target to $135 from $130.

"We continue to highlight CB as our top, large-cap insurance idea as we believe its larger-than-peers exposure to global markets will result in better growth over the long run," JMP analysts said, referring to Chubb's January merger with Switzerland-based holding company Ace.

As shown in Chubb's first quarter results, management increased expense synergy and net income guidance. The company shied away from projecting tax rate improvement which could "lead to potential upside in 2017 estimates down the road," JMP noted.

Chubb reported earnings of $2.26 per share for the first quarter after yesterday's market close, slightly up from the previous year's earnings of $2.25 per share. The company reported revenue of $7.24 billion for the quarter.

Separately, TheStreet Ratings rated Chubb Ltd. as a "buy" with a score of A.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that are rated.

The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, notable return on equity and largely solid financial position with reasonable debt levels by most measures. TheStreet Ratings feels its strengths outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: CB