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Fly News Breaks for February 12, 2018
PRU
Feb 12, 2018 | 07:53 EDT
As reported earlier, RBC Capital analyst Mark Dwelle upgraded Prudential to Outperform from Sector Perform and raised his price target to $126 from $119. Dwelle says the recent pullback in the stock price offers an opportunity to buy "a blue-chip financial with a strong balance sheet and a consistent track record of 13-14% returns", along with a company that offers a solid payout following its recent 20% dividend increase. The analyst notes that while the market volatility could produce some short-term hedging costs, operating visibility is high for this stock, which has not traded in its current 1.2-times book valuation in over two years.
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