UPDATE: Credit Suisse Downgrades Genworth Financial to Underperform on Long-Term Care Risk

Credit Suisse downgraded Genworth Financial GNW from Neutral to Underperform and raised the price target from $6.00 to $7.00. Credit Suisse noted, "We are downgrading shares of GNW to Underperform from Neutral following the recent rally in shares off of the bottom reached in late July/early August of more than 100% and over 50% since mid-Nov. We think that much of the rally has been the result of optimism for GNW's US MI unit as a derivative play on the US housing market, while investors have been less focused on fundamentals in the life insurance operations." Genworth Financial closed at $8.33 on Monday.