Prudential Financial (PRU) Reports 3Q Beat in Tough Market; Piper Jaffray Raises Price Target to $107

Piper Jaffray reiterated an Overweight rating on Prudential Financial (NYSE: PRU), and raised the price target to $107.00 (from $105.00), following the company's 3Q earnings report. PRU reported EPS of $2.40 vs. the consensus of $2.42.

Analyst John Nadel commented, "Despite tough market conditions, PRU's 3Q15 core EPS beat us on strong results from less capital markets sensitive businesses and a low tax rate. Sales and flows were strong across most every business. And despite market and rate volatility, excess capital held steady QoQ at >$3B, which combined with free cashflow of $2.5B+ in 2016E leaves us hopeful for an increase in the pace of buybacks. We reiterate our Overweight rating on PRU and expect positive reaction to this still under-owned stock."

For an analyst ratings summary and ratings history on Prudential Financial click here. For more ratings news on Prudential Financial click here.

Shares of Prudential Financial closed at $84.42 yesterday.

You May Also Be Interested In

• MarineMax (HZO) PT Lowered to $35 at Stifel
• Tyler Tech (TYL) PT Raised to $500 at Oppenheimer
• Macquarie Upgrades ASM Pacific Technology (522:HK) (ASMVY) to Outperform