Globe Life rises after TD Cowen starts coverage with 'buy'

Globe Life

09/10/2024 16:44

** Shares of life insurer Globe Life  GL.N  rise 3.1% to
$107.39 
    ** TD Cowen initiates coverage of GL with a "buy" rating and
$150 PT, a 44% upside to stock's last close
    ** Brokerage says GL's business model generates strong
growth with below-peer underwriting and balance sheet risk 
    ** Adds that the stock trading well below its historical
levels creates an attractive entry point as it expects the
current valuation overhang to abate
    ** GL stock slumped earlier this year following a
short-seller report, but has since recovered from most of its
decline
    ** Six of 11 brokerages rate the stock "buy" or higher and
five "hold"; median PT is $110 - LSEG
    ** As of last close, GL shares down 14.4% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))