Globe Life price target lowered to $75 from $125 at Evercore ISI

Evercore ISI analyst Thomas Gallagher lowered the firm’s price target on Globe Life to $75 from $125 and keeps an In Line rating on the shares. Fuzzy Panda Research yesterday published a :scathing” short selling report on Globe Life, accusing the company of agent mis-selling practices, insurance fraud, aggressive accounting, a distribution pyramid scheme, and an overall toxic workplace environment, the analyst tells investors in a research note. The firm says that with the recent disclosure that the Department of Justice has issued a subpoena to the company to investigate some of the allegations, there is “significant uncertainty for the shares.” Evercore changed its approach to the stock’s valuation “to reflect tail risk scenarios.” However, it sees pretty limited share downside from here under most scenarios.