Prudential Financial Gets Two Upgrades:
NEW YORK (TheStreet) -- Prudential Financial
received a pair of upgrades following a recent sharp selloff in the shares in the wake of disappointing first quarter earnings results.
Morgan Stanley analyst Nigel Dally and Evercore Partners' Mark Finkelstein both raised their recommendations to overweight from equal weight, though Finkelstein reduced his price target to $65 from $71, according to Bloomberg data. Dally's price target is $66. His previous target could not be determined. Prudential shares, which closed at $51.06 on Wednesday and have fallen nearly 17% over the last five days, were up more than 2% in pre-market trading.
"While the recent results from the company were clearly disappointing, we believe the stock price reaction has been significantly overdone, pushing valuation down to a level that we now view as highly compelling, with the stock currently trading at 6.5 times our 2013 EPS estimate and at less than 0.9 expected year-end book value," Dally writes.
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Click to view a price quote on PRU.
Click to research the Insurance industry.
NEW YORK (TheStreet) -- Prudential Financial
received a pair of upgrades following a recent sharp selloff in the shares in the wake of disappointing first quarter earnings results.
Morgan Stanley analyst Nigel Dally and Evercore Partners' Mark Finkelstein both raised their recommendations to overweight from equal weight, though Finkelstein reduced his price target to $65 from $71, according to Bloomberg data. Dally's price target is $66. His previous target could not be determined. Prudential shares, which closed at $51.06 on Wednesday and have fallen nearly 17% over the last five days, were up more than 2% in pre-market trading.
"While the recent results from the company were clearly disappointing, we believe the stock price reaction has been significantly overdone, pushing valuation down to a level that we now view as highly compelling, with the stock currently trading at 6.5 times our 2013 EPS estimate and at less than 0.9 expected year-end book value," Dally writes.
...
Click to view a price quote on PRU.
Click to research the Insurance industry.
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