Globe Life Inc. (GL) shares are soaring 5.07% in pre-market trading on Tuesday, following the closure of a federal investigation and a series of positive analyst actions. The insurance company's stock is attracting investor attention amid these favorable developments.
The US Attorney's Office for the Western District of Pennsylvania has closed its investigation into sales practices of certain independent agents selling policies from Globe Life and its American Income Life subsidiary. The company announced late Monday that the US Department of Justice will not pursue any enforcement action against Globe Life or its subsidiary, alleviating potential regulatory concerns.
Adding to the positive sentiment, several analysts have raised their price targets for Globe Life. Keefe Bruyette & Woods adjusted its price target to $160 from $155, maintaining an Outperform rating. Autonomous Research increased its target to $165 from $149, while TD Cowen reiterated a Buy rating with a price target of $182. These upgrades reflect growing confidence in Globe Life's business prospects and potential for future growth.
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