BOSTON (AP) – Shares of Genworth Financial Inc. (NYSE:GNW) fell after a Credit Suisse analyst on Tuesday downgraded the stock, saying a recent rally ignores the risks that Genworth faces in its life insurance businesses, particularly in long-term care insurance.
THE SPARK: Credit Suisse's Thomas Gallagher cut his rating to "Underperform" from "Neutral".
THE BIG PICTURE: Shares of the insurance and wealth management services provider have surged more than 100 percent since early August and more than 50 percent since mid-November. The gain was fueled in part by optimism that the recovery in the U.S. housing market will improve performance at Genworth's mortgage insurance unit.
