UPDATE: JPMorgan Downgrades Prudential Financial (PRU) to Neutral

March 3, 2021 4:44 AM EST
Get Alerts PRU Hot Sheet
Price: $94.35 +1.48%

Rating Summary:
    6 Buy, 18 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 14 | New: 42
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(Updated - March 3, 2021 5:03 AM EST)

JPMorgan analyst Jimmy Bhullar downgraded Prudential Financial (NYSE: PRU) from Overweight to Neutral with a price target of $91.00.

The analyst comments "Our revised rating reflects a mixed outlook for business trends, risk in PRU’s M&A strategy, and a less attractive valuation. On a positive note, PRU has strong Japan and asset management franchises, and its business mix should help sustain a superior ROE. Also, PRU has ample capital to maintain its significantly above-average dividend. On the other hand, PRU’s desire for M&A entails risk and has a high barrier for success versus buybacks at its current valuation. Also, the stock is close to our target. Valuation is still depressed, but is less enticing given expansion in the P/E and P/BV multiples despite reductions in EPS estimates."

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 $89.02 yesterday.


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