Piper Sandler lowered the firm’s price target on Globe Life to $105 from $110 and keeps an Overweight rating on the shares as part of a Q2 preview for the life insurance space. Variable investment income faces continued headwinds from commercial real estate but likely improved sequentially, the analyst tells investors in a research note. The firm continues to favor underwriting names, saying this is where lift from higher rates is seen with most stability in net interest income and lower variable investment income exposure along with stable underlying claims patterns.
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