Truist Securities analyst Mark D. Hughes reiterated a Buy rating and $290.00 price target on Assurant (NYSE: AIZ).

The analyst commented: "Comments Following AIZ Investor Event at Device Care Center:

This center is a key component of the company’s operational market leadership. The facility comprises 260,000 square feet with 500-600 employees and the capacity to process 25,000 mobile devices per day. The impressive automation – of which 70-80% is developed in-house – extends from intake to evaluation, reset, cleaning, repair, and refurbishment, most steps with minimal human involvement (cleaning with dry ice is cool). The building also houses the company’s innovation center that does advanced development of technology intended for use in other facilities around the world; steps are being taken to further automate the process and are expected to be implemented within months.

The CEO stated that Connected Living has its greatest momentum in the last decade. The company has launched 43 new programs in the last four years alone and has a strong backlog of new and expanded projects. They are a leader in their major markets with scale, balance sheet depth, and operational capabilities that substantially exceed their competition, including (they believe) the other major mobile warranty player, Asurion (Private). They are optimizing their processes using AI – the decisions around device refurbishment and disposition are very dynamic – but they are confident that the core functions around reserve logistics and device repair will not be superseded."

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Shares of Assurant closed at $242.61 yesterday.