Cannae Holdings price target lowered to $30 from $36 at Stephens

Stephens analyst John Campbell lowered the firm’s price target on Cannae Holdings to $30 from $36 and keeps an Overweight rating on the shares. The company’s story did not change much in Q3, the company remained very active on the buyback front and the stubborn underlying mark-to-market discount remained strong, the analyst tells investors. The firm is being “overly-conservative” on the stock because it is not granting any credit for the underlying tax savings potential and it continues to utilize fair market values for much of Cannae’s portfolio.