The broker marks to market and trims performance fee estimates. As the company refined its guidance in late June the broker would be surprised to find material changes in headline metrics for life and net retail annuity growth.
Regulatory and industry tailwinds remain strong and should support demand for annuities, in Citi’s view. A Buy rating is maintained. Target is lowered to $8.00 from $8.10.
Sector: Diversified Financials.
Target price is $8.00.Current Price is $6.67. Difference: $1.33 – (brackets indicate current price is over target). If CGF meets the Citi target it will return approximately 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).