CNO Financial initiated with a Market Perform at BMO Capital

BMO Capital initiated coverage of CNO Financial (CNO) with a Market Perform rating and $38 price target CNO’s fundamental business model has “positive characteristics,” but the firm’s estimates do not suggest meaningful near-term improvement in return on equity and free cash flow run-rates, the analyst tells investors while starting coverage of the life insurance sector. CNO screens as “fairly valued,” the analyst added.