Globe Life price target raised to $188 from $160 at Raymond James

Raymond James analyst Wilma Burdis raised the firm’s price target on Globe Life to $188 from $160 and keeps a Strong Buy rating on the shares. Globe Life targets lower-middle income consumers and, when figuring out how exposed the company is to consumer weakness, Raymond James says EPS impacts appear modest, even if lapse rates returns to extreme 2008-2009 levels and potential impacts would be mitigated by higher levels of capital return, the analyst tells investors in a research note. Blue collar lower-middle income workers in Globe Life’s target market are less exposed to inflationary pressures as their wage growth has outpaced that of middle-income white collar workers, the firm argues.