Citi Maintains Genworth Financial Sell, $13 PT (GNW)

Citi maintained its Genworth Financial GNW Sell rating and $13 price target in a research report published today. In the report, Citi states, "Following the deterioration in mortgage arrears and the loss reserve addition in 4Q10, we now believe US MI won't return to profitability by 2013 vs management's assertion of 2011. GNW's financial position has stabilized but the regulatory capital deficiency at U.S. MI which emerged in 4Q10 suggests this is still an area of risk." Shares of Genworth Financial were trading at $13.43 at the time of posting, up 0.83% from Tuesday's market close.