New Genworth (GNW) CEO = New Price Target at Wells Fargo

December 11, 2012 1:11 PM EST Send to a Friend
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Price: $9.11 --0%

Rating Summary:
    7 Buy, 4 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 2 | Down: 10 | New: 0
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News this morning that Genworth Financial (NYSE: GNW) appointed Thomas J. McInerney as the company's new President and CEO promoted analysts at Wells Fargo to raises their valuation range.

Wells Fargo's John Hall raised his valuation range on Genworth to $6.00 to $9.00 from $4.00 to $8.00. He notes the stock have traded us a the market focuses on the removal of uncertainly related to management and several potential positive catalysts for 2013.

Potential positive catalysts for 2013, according to Hall include: (1) a minority IPO of its Australian mortgage insurance (MI) business, (2) a sale of the remaining stake in Genworth MI Canada (3) the return to profitability of the U.S. MI business if the U.S housing market further stabilizes and (4) the return to more active capital management -- both debt reduction and share repurchase.

Despite the positive commentary, the firm maintained a Market Perform rating on the stock.

For an analyst ratings summary and ratings history on Genworth Financial click here. For more ratings news on Genworth Financial click here.

Shares of Genworth Financial closed at $6.72 yesterday.


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