Jefferies Upgrades Prudential Financial (PRU) to Hold

Jefferies analyst Suneet Kamath upgraded Prudential Financial (NYSE: PRU) from Underperform to Hold with a price target of $93.00 (from $70.00).

The analyst comments "We also upgrade PRU to Hold. The biggest concern we have had of late has been our view that PRU had limited financial flexibility based on excess risk-based capital (RBC) and excess holdco cash earlier in the year. Over the past few months, however, PRU has announced transactions / guided to expected improvements in its pro forma RBC ratio that have strengthened its excess capital position. While it is not clear to us that these developments will result in increases in capital return, we feel they put the company in a stronger capital position going forward."

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 $96.58 yesterday.

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