JPMorgan lowered the firm’s price target on Unum Group to $63 from $65 and keeps an Overweight rating on the shares as part of a Q3 preview for the life insurance group. The analyst maintains a “downbeat view” of long-term business fundamentals in the life insurance industry, but remains bullish on life stocks in the intermediate term. The positive view is based on the favorable macro backdrop, insurers’ healthy balance sheets and flexibility for share buybacks, and cautious sentiment, the analyst tells investors in a research note.
