Goldman Sachs Negative on Insurers (PFG, PRU, HIG, MET, LNC)
Goldman Sachs lowered its ratings on Life Insurance stocks from Neutral to Cautious. The firm said insurers may need to raise more capital due to weak markets and may see their credit ratings cut.
Goldman placed a sell rating on shares of Principal Financial Group (NYSE: PFG), Prudential Financial Inc. (NYSE: PRU) and Hartford Financial Services Group Inc. (NYSE: HIG).
The firm's favorite idea is selling shares of Principal Financial Group Inc. (NYSE: PFG), because they say a capital raise is imminent.
The firm gave MetLife (NYSE: MET) at Neutral rating, saying they have less of a need to raise new capital. Lincoln National Corp. (NYSE: LNC) also has a Neutral rating.
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