BofA downgraded CNA Financial to Underperform from Neutral with a price target of $43, up from $39. The analyst cites valuation for the downgrade following the stock’s rally into the Q4 report. The new price target implies lower than peer stock returns as BofA has concerns that underwriting margins are at peak for CNA as well as commercial insurance carriers more broadly, the analyst tells investors in a research note.
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Read More on CNA:
- LOEWS CORPORATION REPORTS NET INCOME OF $446 MILLION FOR THE FOURTH QUARTER OF 2023 AND $1.4 BILLION FOR THE FULL YEAR
- CNA FINANCIAL ANNOUNCES Q4 2023 NET INCOME OF $1.35 PER SHARE AND RECORD CORE INCOME OF $1.33 PER SHARE FULL YEAR 2023 NET INCOME OF $4.43 PER SHARE AND RECORD CORE INCOME OF $4.71 PER SHARE REGULAR QUARTERLY DIVIDEND INCREASED 5% TO $0.44 PER SHARE SPECIAL DIVIDEND OF $2.00 PER SHARE
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