BUZZ-Globe Life rises after KBW upgrades to 'outperform'

Reuters04-24

** Shares of life insurer Globe Life rise as much as 6.7%, last up 4.9% at $79.47 after brokerage KBW upgrades GL to "outperform" from "market perform"

** Brokerage says it acknowledges the ongoing risk from short-seller accusations but "feels better" following GL's response on Q1 2024 conference call that included a willingness to accelerate and possibly increase share buybacks

** GL's management on Tuesday's call disclosed its audit committee had retained law firm WilmerHale to conduct an independent review of the short-seller allegations

** Earlier this month, short-seller Fuzzy Panda took a short position in GL, alleging multiple instances of insurance fraud

** GL, at that time, had refuted the allegations and said it plans to explore all means of legal recourse against the responsible parties

** GL has a very strong and consistent long-term record of growing premiums and earnings - KBW

** Five of 10 brokerages rate the stock "buy" or higher, four "hold" and one "sell"; their median PT is $109 - LSEG

** As of last close, GL shares were down 37.8% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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