UBS Raises Price Target on Prudential Financial (PRU) to $89 Following 3Q Report
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UBS reiterated a Neutral rating on Prudential Financial (NYSE: PRU), and raised the price target to $89.00 (from $70.00), following the company's 3Q earnings report. PRU reported normalized operating EPS of $2.51, ahead of the consensus of $2.49. Variable annuity sales of $2.1bn and net flows of $(0.3)bn were also above forecasts on strength in the Prudential Defined Income product. The strength in the Individual Annuities is partially sustainable, in UBS' view.
Analyst Brian Meredith commented, "Per PRU, normalized operating EPS was $2.51. On this adjusted basis, Individual Annuities, Retirement and Group Insurance exceeded our estimates, while Individual Life, Asset Management, International and Corporate were below our estimates. PRU reported an annualized YTD operating ROE of 12.8%. Diluted BVPS was $71.95 (UBSe of $69.67), up 12% YoY. Accordingly, we are raising our EPS estimates to $8.95 from $8.80 in 2016, $10.35 from $10.30 in 2017, and $11.15 from $11.05 in 2018."
Shares of Prudential Financial closed at $85.79 yesterday.
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