BMO Capital upgraded Primerica (PRI) to Outperform from Market Perform with a price target of $318, up from $292. The company’s free cash flow conversion is consistently 80%-plus of operating earnings, and it maintains “superior” growth rates relative to its life insurance sector peers, the analyst tells investors in a research note. BMO says Primerica’s “unique” distribution-oriented business model and focus on middle-income consumers has driven superior growth and free cash flow conversion. It believes the company’s model insulates it from increasing competition at the upper-end of the market for certain life and annuity products.
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