11:30 AM EDT, 04/12/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our 12-month target price by $63 to $55. Our revised target price values the shares at 4.8x our 2024 operating EPS estimate of $11.50, a discount to the peer group average of 8.5x, but in line with other distressed life insurers. GL shares lost more than half their value yesterday after a short seller published a report claiming to have "...uncovered extensive allegations of insurance fraud ignored by management despite being obvious ad reported hundreds of times." For its part, GL issued a statement refuting the allegations, characterizing the short seller's report as "wildly misleading." We note there is already a department of justice investigation underway at GL, and we think GL management has done a subpar job of informing investors of these issues and/or allegations. We would steer clear of the shares.