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BTIG downgrades Genworth Financial on valuation

BTIG analyst Mark Palmer has downgraded to"neutral" from "buy" based on valuation.

Palmer removed his price target of $5 on the company's stockfollowing a rally in the stock price that led to the achievement of that level.The analyst said the risk/reward is balanced at this point as the company'sprogress toward the isolation of its long-term care insurance unit has beenpriced into its stock, which has appreciated by 215% since Feb. 11.

Any further appreciation in the share price would requirethe execution of Genworth Financial's plan to divest its life insurancebusiness and the necessary regulatory approvals and continued stability in thelong-term care insurance unit, Palmer said.

The analyst's EPS estimates are 89 cents for 2016 and 96cents for 2017.