Assurant (AIZ) PT Raised to $217 at Piper Sandler

Piper Sandler analyst John Barnidge raised the price target on Assurant (NYSE: AIZ) to $217.00 (from $200.00) while maintaining a Neutral rating.

The analyst commented, "Ex-catastrophe loss uncertainty, relative positioning appears strong into 3Q24 with Global Housing structurally having greater expense leverage than just a couple of years ago while auto in Global Lifestyle is 2/3 of premiums for that business and seemingly should have a multi-year re-pricing cycle to drive improved profitability eventually, although headwinds were present just a quarter ago. There have been a number of new client wins that were large and demonstrated ability to cross-sell across segments. All this said, late September Hurricane Helene hitting the Southeast leaves a wildcard to earnings for lender placed insurance business that is the largest business within Global Housing and where the meaningful improvement in the loss ratio has been seen after multiple years of inflation guard driven rate increases. We note 3Qs are seasonally the most active catastrophe loss quarter of the year in a typical year too."

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