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CNA Financial downgraded to Underperform from Neutral at BofA

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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