BTIG Downgrades Genworth Financial (GNW) to Neutral
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BTIG downgraded Genworth Financial (NYSE: GNW) from Buy to Neutral and removed its price target (prior $5.00). Analyst Mark Palmer sees balanced risk/reward.
"We are downgrading Genworth Financial to Neutral (from Buy) and removing our price target of $5 following the achievement of that level. While we continue to see a path for GNW to position itself for a split that would help to unlock the value of its U.S. mortgage insurance unit including the separation and isolation of its troubled long term care (LTC) insurance unit, we also believe the progress made toward that end was priced into the stock as it appreciated by 215% since February 11," said Palmer.
Shares of Genworth Financial closed at $5.07 yesterday.
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