Barclays Maintains an 'Overweight' on Prudential Financial (PRU); Path to 13-14% ROE in 2013 Appears on Track

Barclays maintains an 'Overweight' on Prudential Financial (NYSE: PRU) price target of $60.00.

Barclays analyst says, "We hosted investor meetings with PRU's head of investor relations Eric Durant this week. PRU is one of our top picks in the life insurance sector driven by its strong Japan operations (half of earnings), manageable exposure to low interest rates, and potential for aggressive share buybacks as well as ROE expansion. Investors remain concerned about its large variable annuity business although we view risk management as strong."

"PRU has a clear roadmap to achieve operating EPS approaching $7.00 in 2012, and $9.00 in 2013 (based on its ROE guidance). The drivers are growth in high return businesses, expense savings in Japan from the Star Edison acquisition, and share buybacks...PRU has a strong, diversified global life insurance and asset management franchise. PRU is attractively valued, in our view...anticipate PRU's valuation multiples could expand modestly as it delivers its goals."

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 $47.66 yesterday.

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