Citi Initiates Coverage on Delphi Financial Group (DFG)
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Citi initiates coverage on Delphi Financial Group (NYSE: DFG) with a Hold. Price target $23.
Citi analyst says, "Despite the 45% drop in DFG shares since 4/07, we do not recommend adding new money as top-line pressure and a recessionary overhang will likely persist, if not worsen. That said, workers comp earnings should remain intact as more profitable business emerges, and the LTD and life lines should still post strong growth. Ultimately, we feel management's 2008 guidance of $3.00–$3.30 and current valuation is reasonable."
Delphi Financial Group, Inc. (Delphi) is a holding company whose subsidiaries provide integrated employee benefit services.
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