UPDATE: Sterne Agee Raises PT to $31 on Protective Life Corporation on Outlook

Sterne Agee reiterated its Neutral rating on Protective Life Corporation (NYSE: PL) and raised its price target from $29 to $31.

Sterne Agee commented, "PL's multi-year outlook was clearly above expectations, but not without some risk, in our view. The expected earnings growth rates for Life Marketing and Annuities appear to us to be somewhat aggressive, though we note capital levels are very strong suggesting significant capacity for accretive M&A and ongoing share repurchase. The latter is embedded within the outlook, but the former represents potential for significant upside if PL can find an appropriate deal."

Protective Life Corporation closed at $27.28 on Tuesday.

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