Piper Sandler initiates coverage of Primerica at 'neutral'

Primerica

30/08/2024 14:15

** Piper Sandler starts coverage of life insurer Primerica
 PRI.N  with a "neutral" rating and a $283 price target, which
represents an 8.2% upside to stock's last close
    ** Brokerage says PRI's intention to exit its senior health
business should help reduce earnings volatility
    ** In July, PRI said it will exit the senior health business
as it does not have a clear path towards profitability within an
"acceptable" timeframe
    ** Piper Sandler believes PRI shares are currently fairly
valued 
    ** One of seven brokerages rates the stock "buy" and six
"hold"; their median PT is $275 - LSEG data
    ** As of last close, PRI shares up 27.1% YTD

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