Unum Group rises as Jefferies upgrades to 'buy'

Unum

20/03/2023 15:40

(Updates)
    ** Shares of Unum Group  UNM.N , a provider of financial
protection benefits, rise 6.3% to $38.9 
    ** Jefferies upgrades UNM to "buy" from "hold" and raises
price target to $50 from $44
    ** Brokerage notes UNM's core business is performing well
with strong position of excess capital     
    ** Sees no risk of UNM policyholders relinquishing midway
due to rising interest rates as the co is focused on group
benefits 
    ** Long-term care risk at UNM is somewhat contained at least
for the next few years - Jefferies
    ** Brokerage also sees liquidity pressure in the broader
life insurance sector as a low probability event
    ** Says that despite stock's strong run in 2022, UNM
price-to-earnings ratio is below historical averages; UNM shares
rose 67% in 2022
    ** 4 of 14 brokerages rate the stock "buy" or higher, 10
"hold"; their median PT is $48

 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))