CNO Financial Group (CNO) PT Raised to $38 at RBC Capital

RBC Capital analyst Mark Dwelle raised the price target on CNO Financial Group (NYSE: CNO) to $38.00 (from $30.00) while maintaining a Outperform rating.

The analyst comments "We viewed Q2 as one of the better quarters for the company in some time with key segments reporting y/y profitability improvements. New money yields ticked higher and investment income remains a positive to results (VII was also better than expected for Q2). CNO's FY'24 EPS guidance was lifted albeit driven by Q2 reported results. Share buybacks were notable and the RBC ratio remained above targeted levels. We remain at Outperform and view the valuation as still attractive (0.9x book ex AOCI) relative to life peers most of which are in the 1.2x-1.4x BV range."

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