KBW Initiates CNO Financial Coverage With A Market Perform Rating; PT At $7

Keefe, Bruyette & Woods reports that has initiated coverage of CNO Financial CNO, which KBW regards as a “niche life insurer uniquely focused on the senior middle-market demographic.” “Current management has taken a number of positive steps, but unfortunately legacy issues continue to suppress returns and drive volatility, tempering our enthusiasm for the shares,” KBW writes. “Initiating coverage with an MP rating.” CNO Financial currently trades at $5.83.