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Fly News Breaks for September 30, 2016
CNO
Sep 30, 2016 | 06:53 EDT
Goldman Sachs analyst Michael Kovac downgraded CNO Financial to Neutral after the company announced that it would recapture a $550M long-term care block reinsured to Beechwood Re and halt its buyback. CNO's long-term care clean-up and deployment story are no longer catalysts, Kovac tells investors in a research note. He lowered his price target for the shares to $17 from $21.
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