Keefe Bruyette downgraded Assurant to Market Perform from Outperform with a price target of $182, up from $170. The analyst cites valuation for the downgrade. In addition, Assurant’s earnings mix contribution from housing has doubled from 20% to 40%, meaning the higher-multiple lifestyle side has fallen from 80% to 60%, and could also add more weather-related earnings volatility, the analyst tells investors in a research note. Despite a positive business outlook, the firm does not anticipate upside catalysts near term.
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