BTIG Research Reiterates Buy Rating, $11 PT on CNO Financial Group
In a report published Friday, BTIG Research reiterated its Buy rating and $11.00 price target on CNO Financial Group (NYSE: CNO).
BTIG Research noted, “CNO's strong free cash flow generation and the options it affords the company were highlighted even before the investor day began. Prior to the market open, CNO announced that its Board of Directors had approved an additional $300mm to repurchase its common stock, warrants, and convertible debentures, bringing the company's total repurchase capacity to $360mm. (We found it interesting that CNO opted to include converts in the repurchase authorization, given questions about how management is thinking about taking out the $93mm of its 7% convertible debt that remains after it retired $200mm of that security that had been held by Paulson & Co. as part of its recapitalization in September.) The company said it had spent $70.4mm on share buybacks through Dec. 12.”
CNO Financial Group closed on Thursday at $9.22.
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