(Source: Richmond Times - Dispatch)
Shares of Genworth Financial Inc. fell 3.6 percent after the company was downgraded by Raymond James Financial Inc. The Henrico County-based insurer dropped 24 cents to $6.43 in New York Stock Exchange composite trading.
The company has surged more than sevenfold since March 6 and is unlikely to outperform rivals by the same margin, Raymond James analyst Steven Schwartz said in a research note yesterday.
Schwartz lowered the insurer's rating to "market perform" based on "the rapid appreciation in share price since the March lows," he wrote. "While Genworth shares may still be undervalued, we do not think it is to such an extent that Genworth will significantly outperform the group."
MEMO: EXCERPT FROM BUSINESS BRIEFS
Originally published by Staff and Wire Reports.
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