NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Prudential Financial 'Ready To Rock,' Analyst Upgrades To Strong Buy

Published 24/08/2023, 18:30
© Reuters.  Prudential Financial 'Ready To Rock,' Analyst Upgrades To Strong Buy
PRU
-

Benzinga - by Lekha Gupta, Benzinga Editor.

Raymond James analyst Wilma Burdis upgraded coverage on Prudential Financial Inc (NYSE: PRU) to Strong Buy from Market Perform with a price target of $125.

The analyst expects the company's 2024 repurchases to exceed $2 billion (vs. a prior estimate of $1.05 billion) and sees a dividend yield of ~5% attractive, thanks to favorable capital position.

The analyst estimates a pro forma highly liquid asset position of $6.2 billion (vs. targeted buffer of $3 billion-$5 billion), including the holding company's highly liquid assets of $4.5 billion as of Q2 FY23 and about $1.1 billion of proceeds from two recently announced deals and assuming $1.3 billion of IMR capital relief.

Burdis also sees a potential to further divest non-core operations and less appetite for mergers & acquisitions.

The analyst raised operating EPS estimates to $11.77 (from $11.62) vs. consensus of $11.92 for FY23, $13.58 (from $13.34) vs. $13.24 estimate for FY24, and $14.79 (from $14.08) vs. street view of $14.01 for FY25.

Price Action: PRU shares are trading higher by 2.09% at $93.34 on the last check Thursday.

Latest Ratings for PRU

DateFirmActionFromTo
Feb 2022Morgan StanleyMaintainsEqual-Weight
Jan 2022JefferiesInitiates Coverage OnUnderperform
Jan 2022Wolfe ResearchInitiates Coverage OnPeer Perform
View More Analyst Ratings for PRU

View the Latest Analyst Ratings

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.