Unum Group price target raised to $102 from $95 at BMO Capital

BMO Capital raised the firm’s price target on Unum Group (UNM) to $102 from $95 and keeps an Outperform rating on the shares. Following the Fortitude Re transaction, the company’s excess capital is at over $4B, which exceeds the estimated implied negative valuation of its remaining long-term care block, the analyst tells investors in a research note. Risk/reward for LTC is also skewing more favorably, including sustained higher interest rates and recent market LTC transactions, supporting a potential risk transfer opportunity, the firm adds.