FBR Capital Upgrades Conseco Inc. (CNO) to Outperform
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FBR Capital upgrades Conseco Inc. (NYSE: CNO) to Outperform after news the company announced a new convertible debenture of up to $293M, as well as a $78M equity investment by Paulson & Co. Inc.
FBR said "The Paulson investment adds a moderate amount of new capital, beyond debt retirement and fees. The convert exchange, however, is a material positive and removes the primary roadblock to the company returning to a more normalized valuation. In addition, although potential dilution from an equity raise could be significant, the fact that the company may be in a position to add equity capital to offset credit losses is a net positive, in our view."
The firm raised their price target from $4 to $9.
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