Horace Mann downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst John Barnidge downgraded Horace Mann to Neutral from Overweight with a price target of $38, down from $42. The company benefits from higher rates in life, retirement and supplemental but is experiencing persistent profitability challenges in its property and casualty business, the analyst tells investors in a research note. The company’s need to add to reserves could be more than one quarter in nature as it works to address elevated loss activity from catastrophe activity as well as social and economic inflation, Piper contends.