Insurer Globe Life falls after Piper Sandler downgrades to 'neutral'

Globe Life

Today 17:27

** Shares of life insurer Globe Life GL.N fall 6.2% to $158
** Piper Sandler downgrades stock to "neutral" from "overweight" and cuts PT to $165 from $200, saying its valuation fully reflects its prospects following a "messy" Q3
** Brokerage flags potential for continued earnings volatility from high-severity medical claims at Globe Life’s Evry group-health business; says delayed Medicare Supplement claims could have a lingering impact in coming quarters
** "GL is generally viewed by investors as a predictable safe haven within the life insurance industry and we think that is less so following the 3Q print" - Piper Sandler
** Earlier this week, GL reported a drop in third quarter profit and trimmed its full year 2026 EPS forecast
** 10 of 15 analysts rate stock "strong buy" or "buy" and 5 "hold"; their median PT is $191 - data compiled by LSEG
** Including session's moves, stock up 13.7% YTD

 (Reporting by Pragyan Kalita in Bengaluru)
 ((Pragyan.Kalita@thomsonreuters.com;))