Truist on Assurant (AIZ): 'Indicators Point to Solid Quarter, Sustained Growth'

Truist Securities analyst Mark D. Hughes reiterated a Buy rating and $255.00 price target on Assurant (NYSE: AIZ).

The analyst commented: "Indicators Point to Solid Quarter, Sustained Growth; The 3Q operating environment for AIZ appears to have been healthy based on: 1) continued growth in new smartphone shipments and trade-in volume; 2) further expansion in vehicle sales and rising service contract penetration rates; 3) favorable Homeowners loss trends in the key state of Florida; and 4) improved prospects for lower reinsurance costs. At the same time, the stock valuation is just off its 10-year low (Figure 9). We are raising our 3Q EPS estimate to $4.48 from $4.08 based on lower catastrophe losses. Our price target of $255 assumes AIZ trades at 12x next year’s EPS, still at the bottom end of the Specialty P&C group."

For an analyst ratings summary and ratings history on Assurant click here. For more ratings news on Assurant click here.

Shares of Assurant closed at $207.89 yesterday.

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