MetLife (MET) PT Raised to $80 at Morgan Stanley After Shedding Underperforming Assets

Morgan Stanley analyst Nigel Dally raised the price target on MetLife (NYSE: MET) to $80.00 (from $79.00) after Operating EPS of $2.08 handily beat the consensus EPS of $1.65 after backing out unusual COVID losses as well as variable investment income.

The analyst reiterated an Overweight rating, stating "MetLife is reaping the benefits of its substantial multi-year strategic shift, where it has simplified its business through shedding underperforming segments, while focused more on generating strong, sustainable cash flows to drive aggressive capital management initiatives. Similar to prior quarters, the benefit of these changes were evident in another solid upside surprise. To be sure - excess variable income was a sizable boost, and more than offset COVID losses, which were a touch below our estimates. But even excluding these items, core underlying earnings came in ahead of expectations almost across the board".

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