Guggenheim analyst Shahriar Pourreza downgraded CNO Financial to Neutral from Buy with a price target of $29, down from $32. The company's Houston rate case received worse than anticipated commentary yesterday from the Public Utility Commission of Texas, Pourreza tells investors in a research note. The PUCT chose to enact stricter ring-fencing provisions and lower capital structure and return on equity, says the analyst, who views the adjustments and the tone of the commission as "acutely negative." Pourreza now anticipates lower earnings, cash flow headwinds, and additional equity needs for CenterPoint Energy.