Citi Downgrades National Financial Partners (NFP) to Hold, Removed From Top Picks Live List
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Citi downgrades National Financial Partners Corp (NYSE: NFP) from Buy to Hold. Price target lowered from $20 to $8.
Citi analyst says, "...Cut our EPS estimates by 11% for 2009 and 2010 after NFP announced total revenues for July and August were down 7% and same store growth was off 10%, due to further credit market pressure and tighter underwriting in the high net worth market. In addition, operating expenses spiked 11% over the same period. We are removing NFP from Top Picks Live."
National Financial Partners Corp. (NFP) is an independent distributor of financial services products primarily to high net worth individuals and companies. NFP operates a national distribution network with over 180 owned firms.
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