UPDATE: Deutsche Bank Downgrades Unum Group to Hold, Lowers PT on No Near-Term Catalysts

In a report published Monday, Deutsche Bank analyst Yaron Kinar downgraded the rating on Unum Group

from Buy to Hold, and slightly lowered the price target from $3.30 to $3.25. In the report, Kinar noted, “We continue to view UNM as a high-quality, low-risk name with upside, generating stable 11% ROEs yet trading at a 10% discount to BV ex AOCI. Nonetheless, the discount has meaningfully compressed in recent months. More importantly, we struggle to point to near-term catalysts, with top line stagnating and underwriting results already very strong. We had previously pointed to the mere ability to report stable results as a catalyst. However, we now believe that strong recent underwriting results have set expectations high, setting the stage for disappointment even with solid results.” Unum Group closed on Friday at $27.43.