Deutsche Bank Upgraded Genworth Financial (GNW) to Buy
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Deutsche Bank upgraded Genworth Financial (NYSE: GNW) from Hold to Buy, saying the $600 million equity capital raise further improves holding company liquidity. The firm raised their price target from $7 to $18.
The firm commented, ."This should continue a virtuous cycle whereby the company’s cost of debt declines, the ability to refinance debt and extend credit facilities increases, financial strength ratings stabilize, and operating performance improves. We increased our target price to $18 from $7 as our primary concerns have diminished. Our EPS estimates were revised to factor in the capital raise and 3Q’09 mortgage insurance arbitration settlement.,"
DB notes that ollowing the equity offering, Genworth's holding company has $1.5 billion of cash and short-term investments, which should be sufficient to meet debt service needs through the end of 2011.
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