Barclays Starts Prudential Financial (PRU) at Equalweight

Barclays analyst Alex Scott initiates coverage on Prudential Financial (NYSE: PRU) with a Equalweight rating and a price target of $118.00.

The analyst comments "We have favorable view of the company’s actions to de-risk and simplify the business, though we still think growth in Japan is an uphill battle. Further, PRU’s desire to expand on growth puts a little more uncertainty around how freed up capital will be redeployed with the last venture into larger scale M&A finding its challenges with Assurance IQ. We generally view the capital position as solid and would expect ongoing consistent cash flows from the insurance businesses. However, we see this profile being largely reflected in the stock and we also think it will take some time for PGIM to turn the corner on net flows – a necessity for reaching higher valuation levels in our view."

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 $120.70 yesterday.

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