The shares of Genworth Financial were under pressure after a Citigroup analyst downgraded Genworth to sell from hold.
Genworth shares dropped 5.4% on Friday and are still down 47% over the past 12 months.
The Citigroup analyst, Colin Devine, believes that Genworth's business strategy is fundamentally flawed:
“Things will likely get worse before they get better,” Colin Devine, an analyst with Citigroup, said yesterday in a research note. “We believe management continues to pursue a fundamentally flawed strategy of trying to combine a mortgage insurance business with a traditional life and annuity writer.”
Source: Bloomberg
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