BMO Capital analyst Michael Zaremski reiterated an Outperform rating and $320.00 price target on Assurant (NYSE: AIZ), with shares last closing at $272.86.

The reaffirmation comes after SpaceX announced an agreement to acquire technology the company said is needed to become a U.S. mobile carrier. Shares of T-Mobile (NASDAQ: TMUS), Verizon (NYSE: VZ), and AT&T (NYSE: T) were each down approximately 7% in premarket trading Friday morning as of 8:00 a.m. ET following the announcement.

Zaremski noted that Assurant's mobile business is considered a longer-term growth driver, estimated at around 20% of the company's EBITDA. The analyst said the SpaceX development is expected to draw increased attention to Assurant's stock given that exposure.

The analyst added that if Starlink Mobile were to seek an insurer-run device protection program, Assurant's cost structure and technology positioning could make it a candidate for that business relative to its competitor Asurion.