FBR Capital Maintains an 'Outperform' on CNO Financial Group (CNO); Stable 1Q11 Sets Stage for Further Capital Mgmt

FBR Capital maintains an 'Outperform' on CNO Financial Group (NYSE: CNO), PT $10.

FBR analyst says, "CNO is a compelling value play with an in-progress capital management story. We forecast that CNO will continue to de-lever the balance sheet faster than required, while returning excess capital to shareholders through share buybacks. We believe many investors are not assigning a value to CNO's NOL of $852 million, which we NPV back to approximately $1.90 per share. We also think CNO will try to extract greater value out of the NOL as the company explores alternative opportunities to grow non-life earnings and realize capital gains. As investors become comfortable with the return of capital and the future of the NOL, we believe CNO's stock price will be rewarded to reflect the value of the NOL."

For more ratings news on CNO Financial Group click here and for the rating history of CNO Financial Group click here.

Shares of CNO Financial Group closed at $8.04 yesterday.

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