Insurer Globe Life falls after Piper Sandler downgrades to 'neutral'

By Reuters News

** Shares of life insurer Globe Life GL.N fall 6.2% to $158

** Piper Sandler downgrades stock to "neutral" from "overweight" and cuts PT to $165 from $200, saying its valuation fully reflects its prospects following a "messy" Q3

** Brokerage flags potential for continued earnings volatility from high-severity medical claims at Globe Life’s Evry group-health business; says delayed Medicare Supplement claims could have a lingering impact in coming quarters

** "GL is generally viewed by investors as a predictable safe haven within the life insurance industry and we think that is less so following the 3Q print" - Piper Sandler

** Earlier this week, GL reported a drop in third quarter profit and trimmed its full year 2026 EPS forecast

** 10 of 15 analysts rate stock "strong buy" or "buy" and 5 "hold"; their median PT is $191 - data compiled by LSEG

** Including session's moves, stock up 13.7% YTD

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