02:40 PM EDT, 04/23/2024 (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 up our 12-month target by $13 to $68, valuing GL shares at 5.6x our 2025 operating EPS estimate of $12.25 and at 5.9x our 2024 operating EPS estimate of $11.50, vs. the one-year average forward multiple of 10x, a peer average of 8x, and a distressed peer average of 4.5x. Q1 EPS of $2.78 vs. 2.53 was in line with the $2.79 consensus view and our $2.74 EPS estimate on 7% higher underwriting income and a 53% rise in excess investment income. We keep our Sell recommendation due to news of a short-seller alleging an array of fraudulent activities, as well as an investigation by the DoJ, which occurred after the close of Q1. While this news, and the attendant surge in shareholder lawsuits, may not deter the typical GL client, it may harm agent recruitment. On today's call, GL management refuted the short-seller's allegations, and said it is cooperating with the DoJ investigation. Despite trading at only 6.5x our 2024 EPS estimate, we would avoid the shares given the current levels of risk and uncertainty.