Keefe Bruyette upgraded Horace Mann to Outperform from Market Perform with a price target of $40, up from $33, ahead of its Q4 earnings report, which should include significantly lower P&C combined ratios year-over-year and steadily growing investment income. The firm expects compounding earned rate increases and moderating loss trends to support sustained underwriting margin improvement through 2025, which combined with persistently rising investment income should boost the multiple and the shares over the next 12 months.
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