Wells Fargo is raising its valuation range for CNO Financial Group, Inc. CNO to $7-9 from a prior range of $6-8.
“The midpoint of our new valuation range is based on a 0.65x multiple against our conservative estimate of adjusted 2011 book value of $11.85, which backs out the NOL and 35% of DAC balance (versus 0.5x 2011E book value ex AOCI of $16.60),” Wells Fargo writes.
“Our new target represents a 7.7x P/E multiple extended against pre-tax 2011 earnings. We reiterate our Outperform rating.”
CNO Financial currently trades at $6.98.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in