Unum Group price target lowered to $79 from $85 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Unum Group (UNM) to $79 from $85 and keeps an Equal Weight rating on the shares. Following Q2 results, the firm is updating its price targets for stocks in the Life Insurance segment under its coverage, the analyst tells investors. Nearly half of the life insurers under its coverage beat expectations on a reported basis and most exceeded expectations on a core basis, the firm adds. Morgan Stanley notes the earnings beats were largely driven by selective favorable underwriting, better than expected performance of macro-sensitive segments, or both.