CNA Financial downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst Meyer Shields downgraded CNA Financial to Market Perform from Outperform. The analyst cites AY15-AY19 liability reserve concerns for the downgrade. Rising interest rates and pressured alternative investment income should mostly outpace rising equity valuations and unwinding unrealized losses, partly offsetting earnings-related book value growth for the property and casualty insurers, the analyst tells investors in a research note.