SunTrust Starts Unum Group (UNM) at Buy
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SunTrust Robinson Humphrey initiates coverage on Unum Group (NYSE: UNM) with a Buy rating and $30 price target.
The firm said: Unum's transition in favor of small-case customers should bear fruit in coming quarters; UNM's topline has also been supported by solid growth in voluntary and disability products, which should be further boosted by the rollout of the Simply Unum platform; The company has limited its exposure to the economic cycle by diversifying its client base and shifting away from the more volatile large-case segment; Unum has a very clean balance sheet.
SunTrust estimates EPS of $2.47 this year, up from an operating EPS of $2.20 last year. For 2009, the firm is looking for total revenue growth of 2.7% to $10.8 billion and EPS of $2.74.
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