BUZZ-Ethos Technologies rises as IPO research quiet period ends
Citigroup Inc. C | 131.69 131.62 | +1.63% -0.05% Pre |
Bank of America Corp BAC | 54.32 54.35 | +1.82% +0.06% Pre |
Ethos Technologies LIFE | 14.77 14.77 | +0.54% 0.00% Pre |
** Insurance platform Ethos Technologies' LIFE.O shares jump 8.3% to $11.70 as IPO research quiet period ends
** J.P. Morgan, William Blair, BofA Global Research, Deutsche Bank, Citizens, Citigroup, and Barclays initiate coverage on LIFE
** Analysts say the stock is compelling at its current valuation, and see room for LIFE to grow
** "Ethos carries a first-mover advantage as the first major online life insurance provider. We think Ethos can gain share in the $12.6 billion life TAM for many years given it has just 2.5% of the market, and with the vast majority of such policies still sold through agents" - BofA
** LIFE went public in New York last month after selling 10.5 million shares in IPO priced at $19 apiece
** Goldman Sachs and J.P. Morgan led a nine-member underwriting syndicate for Ethos IPO
** As of last close, LIFE shares down 43.2% since January debut