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Morgan Stanley downgrades CNO Financial as weak sales continue

Morgan Stanley's Nigel Dally downgraded CNO Financial Group Inc.'s stock to "underweight" from "equal-weight."

The rating reflects the company sales' "slow but steady deterioration" and its lowered expectations regarding return-on-equity improvement. Dally also calculated the stock's 12-month price target at $21. The stock had closed at $23.14 on Aug. 11, making the downgrade in part due to valuation.