UPDATE: Evercore Partners Initiates Overweight, $9 PT on CNO Financial

Evercore Partners initiates its coverage on CNO Financial

with an Overweight rating and a price target of $9 as the company is in the beginning of its turnaround. Evercore Partners says, "We believe the company is in the early chapters of a compelling turnaround story, which should provide for a long runway of improving returns and strong earnings growth. In particular, we don't believe the current share price fully reflects the better fundamentals and lower risk profile of CNO today. As earnings continue to recover and the company proves out the sustainability of its FCF generation and deployment, we see shares trading up from the current depressed valuation." CNO closed at $6.68 a share on Monday.