UPDATE: Barclays Downgrades Symetra Financial (SYA) to Underweight; Elevated Sensitivity to Low Interest Rates

(Updated - July 2, 2012 1:55 PM EDT)

Barclays downgraded Symetra Financial (NYSE: SYA) from Equalweight to Underweight. PT lowered from $13 to $10.

Analyst, Jay Gelb, said, "We downgrade SYA to Underweight reflecting elevated sensitivity to low interest rates. Valuations is currently low at 0.70x BV ex-AOCI, respectively. However, we expect valuations to remain compressed because roughly 70% of SYA's earnings earnings are interest-rate sensitive. Our top Life Insurance picks (MetLife (NYSE: MET) and AFLAC (NYSE: AFL)) appear to have less sensitivity to falling interest rates."

For an analyst ratings summary and ratings history on Symetra Financial click here. For more ratings news on Symetra Financial click here.

Shares of Symetra Financial closed at $12.62 yesterday.

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