JPMorgan sees ‘several inaccurate’ claims in Globe Life short report

JPMorgan analyst Jimmy Bhullar says yesterday’s short report on Globe Life (GL) “presents an inconclusive case at best, and is deliberately misleading at worst.” The report alluded to the shutdown of offices and disconnected phone numbers at American Income, Globe Life’s largest subsidiary, and suggested that this could be due to “a federal action against AIL,” and implies distress in the business, the analyst tells investors in a research note. JPMorgan says it identified “several inaccurate and misleading assertions in the report,” which were corroborated by a discussion with Globe Life. It affirmed a bullish stance on the stock and keeps an Overweight rating on the name.