UPDATE: Deutsche Bank Raises Unum PT to $31 on Increased P/B Valuation

In a Wednesday report, Deutsche Bank analyst Yaron Kinar maintained his Buy rating on Unum

and increased its price target from $27 to $31. Kinar wrote, "The increase reflects a new, higher P/B valuation, as our perception of Unum's capital impairment risk has evolved. It also reflects a higher S&P 500 P/E valuation, which favorably impacts the group's relative P/E valuation. Having discussed ongoing and closed block operations at length with management, our confidence in stable earnings and cash generation has increased. Our above-consensus EPS remains unchanged. Buy." Unum closed Wednesday at $27.59.