Raymond James launches coverage of insurance companies with strong buys on three names


Raymond James on Thursday launched analyst coverage of six insurers, with Prudential Financial Inc. PRU, -0.11% (price target $115), Voya Financial Inc. VOYA, -0.77% (price target $84) and Globe Life Inc. GL, -0.08% (price target $138) all drawing strong buy ratings. Raymond James assigned market perform ratings to MetLife Inc. MET, -0.79%, Principal Financial Group Inc. PFG, -0.43% and Unum Group UNM, -0.70%. Analyst Wilma Burdis said Global Life “produces consistently superior growth and returns given the moat that it holds around unique exclusive distribution and product.” Meanwhile Prudential Financial’s plan to shift to more rapidly growing businesses such as its PGIM asset management unit are expected to boost its bottom line. Burdis cited Voya Financial’s wealth solutions, health solutions and investment management units as growth drivers.

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