Bank of America Reiterates Buy, $33 Target on CNA Financial

Bank of America maintains its Buy rating with a $33 target price on CNA Financial CNA upon reviewing the company's 4Q results. Bank of America notes, "4Q operating EPS of $0.71 was essentially in line with our forecast of $0.73 and consensus of $0.70. Much higher favorable reserve development offset lower alternative investment income and a $0.43 per share charge in the run-off annuity business due to unlocking actuarial assumptions for anticipated adverse changes in mortality and discount rates." CNA closed at $29.16 a share on Friday.