Bank of America Reports Genworth Has "Sanguine Outlook"

According to Bank of America, Genworth Financial GNW has a sanguine outlook, with Australia and Canada labeled as “recovered” housing markets. Bank of America said that in Australia, bulls highlight favorable income trends, a low unemployment rate and housing undersupply while bears point out a doubling of home prices since 1Q02 and significant affordability challenges. “In Canada, the bull argument seems to be that prices may be high but there is no obvious catalyst for a decline while bears cite affordability challenges.” Genworth Financial closed yesterday at $9.81.