UPDATE: Citi Lowering Price Target on Unum Group

Citi Investment Research is out with a research report on Unum Group

and is lowering its price target to $27 from $29, but is keeping its Buy rating on shares. In a note to clients, Citi Investment Research writes, "We reiterate our Buy rating on UNM's shares but have lowered our target price to $27 and downwardly revised our 2012E-13E to $3.25 and $3.70. There is no change to our 2011E of $2.95. Our new target is consistent with the drop in peer valuations and our forecasts now include the negative impact to BV and earnings of the pending GAAP ASU 2010-26 change for deferred acquisition costs (

)." Shares of UNM are up 20 cents to $23.01 today.