Morgan Stanley upgraded Globe Life to Equal Weight from Underweight with an unchanged price target of $131. The analyst cites valuation for the upgrade. The firm is now seeing stronger upside potential in Globe, leading it to believe an Equal Weight rating is currently appropriate. Second quarter results for the insurers generally beat expectations, with favorable mortality more than offsetting still challenged private equity marks, the analyst tells investors in a research note.
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- Globe Life price target raised to $131 from $130 at Piper Sandler
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