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Piper Sandler initiated coverage on Unum Group (NYSE:UNM) with an Overweight rating on Thursday as analyst John Barnidge points to a number of positive developments.
The life and health insurer “has the greatest growth, least reliance on variable investment income and also greatest amount of moats” among underwriters, Barnidge wrote in a note to clients.
Underwriting and growth trends for Unum’s (UNM) core business became more favorable after the pandemic, he noted. “Rates are higher while risk transfers are broadening when UNM’s free cashflow conversion is increasing.”
His Overweight rating aligns with the SA Quant system rating and the average Wall Street analyst rating, both at Buy.
UNM gained 0.5% in late morning trading.